Lowe's Increases Borrowing Limit to $1.75B

Charlotte, NC, June 22, 2007--Lowe's said it has amended a credit agreement with several banks to increase its borrowing limit to $1.75 billion from $1 billion.

The amended agreement updates an agreement reached in July 2004, the company said in a regulatory filing, and includes more favorable borrowing rates. The filing didn't specify the rates.

The company could increase its borrowing limit to as much as $2.25 billion under certain conditions, the company said. The amended agreement includes certain restrictions, such as a requirement that the company not exceed a specific level of debt, the filing said.

Lowe's reached the agreement with Bank of America Corp., Wachovia Corp., and JPMorgan Chase & Co., among others.