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03/30/2021

Lowe’s offering $2 billion in notes

Net proceeds from the notes will be used for general corporate purposes.
Andrew Carlo
LBM Editor
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a sign in front of a building

Lowe's announced it will sell $1.5 billion of 2.625% notes due 2031 and $500 million of 3.5% Notes due 2051.

Estimated net proceeds from this offering will be approximately $1.984 billion, after deducting offering expenses and underwriters' discounts. 

Lowe's reported that it plans to use the net proceeds from the sale of the notes for general corporate purposes. Closing is expected to occur on March 31, 2021, subject to satisfaction of customary closing conditions.

BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC are acting as joint book-running managers for the offering.

Lowe's and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ over 300,000 associates. Based in Mooresville, N.C., the home improvement giant had sales of nearly $90 million in 2020.