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Lowes Companies Inc – ‘FWP’ on 3/24/20 re: Lowes Companies Inc

On:  Tuesday, 3/24/20, at 5:27pm ET   ·   Accession #:  1193125-20-84019   ·   File #:  333-226983

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/24/20  Lowes Companies Inc               FWP                    1:33K  Lowes Companies Inc               Donnelley … Solutions/FA

Free-Writing Prospectus   —   Rule 163 / 433   —   SA’33
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: FWP         Free-Writing Prospectus                             HTML     21K 


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  FWP  

Filed Pursuant to Rule 433

Issuer Free Writing Prospectus dated March 24, 2020

Relating to Preliminary Prospectus Supplement dated March 24, 2020

Registration Statement No. 333-226983

Final Term Sheet

Dated March 24, 2020

 

Issuer:    Lowe’s Companies, Inc. (the “Company”)
Trade Date:    March 24, 2020
Settlement Date (T+2):    March 26, 2020
Ratings* (Moody’s/S&P):    Baa1 / BBB+
4.000% Notes due 2025   
Aggregate Principal Amount Offered:    $750,000,000
Maturity Date:    April 15, 2025
Coupon (Interest Rate):    4.000 % per annum
Interest Payment Dates:    April 15 and October 15 of each year, beginning October 15, 2020
Benchmark Treasury:    UST 1.125% due February 28, 2025
Benchmark Treasury Price / Yield:    103-01 14 / 0.500%
Spread to Benchmark Treasury:    3.55% (355 basis points)
Yield to Maturity:    4.050%
Public Offering Price:    99.771% of principal amount, plus accrued interest from the expected settlement date
Net Proceeds (before expenses):    $745,657,500
Make-Whole Call:    Prior to the date that is one month prior to the maturity date at T + 50 basis points
Par Call:    On or after one month prior to the maturity date
CUSIP / ISIN:    548661DT1 / US548661DT10

4.500% Notes due 2030

  
Aggregate Principal Amount Offered:    $1,250,000,000


Maturity Date:

   April 15, 2030

Coupon (Interest Rate):

   4.500% per annum

Interest Payment Dates:

   April 15 and October 15 of each year, beginning October 15, 2020

Benchmark Treasury:

   UST 1.500% due February 15, 2030

Benchmark Treasury Price / Yield:

   106-17+ / 0.810%

Spread to Benchmark Treasury:

   3.75% (375 basis points)

Yield to Maturity:

   4.560%

Public Offering Price:

   99.518% of principal amount, plus accrued interest from the expected settlement date

Net Proceeds (before expenses):

   $1,238,350,000

Make-Whole Call:

   Prior to the date that is three months prior to the maturity date at T + 50 basis points

Par Call:

   On or after three months prior to the maturity date

CUSIP / ISIN:

   548661DU8 / US548661DU82

5.000% Notes due 2040

  

Aggregate Principal Amount Offered:

   $750,000,000

Maturity Date:

   April 15, 2040

Coupon (Interest Rate):

   5.000% per annum

Interest Payment Dates:

   April 15 and October 15 of each year, beginning October 15, 2020

Benchmark Treasury:

   UST 2.375% due November 15, 2049

Benchmark Treasury Price / Yield:

   122-18 / 1.437%

Spread to Benchmark Treasury:

   3.60% (360 basis points)

Yield to Maturity:

   5.037%

Public Offering Price:

   99.533% of principal amount, plus accrued interest from the expected settlement date


Net Proceeds (before expenses):    $739,935,000
Make-Whole Call:    Prior to the date that is six months prior to the maturity date at T + 50 basis points
Par Call:    On or after six months prior to the maturity date
CUSIP / ISIN:    548661DV6 / US548661DV65
5.125% Notes due 2050   
Aggregate Principal Amount Offered:    $1,250,000,000
Maturity Date:    April 15, 2050
Coupon (Interest Rate):    5.125% per annum
Interest Payment Dates:    April 15 and October 15 of each year, beginning October 15, 2020
Benchmark Treasury:    UST 2.375% due November 15, 2049
Benchmark Treasury Price / Yield:    122-18 / 1.437%
Spread to Benchmark Treasury:    3.70% (370 basis points)
Yield to Maturity:    5.137%
Public Offering Price:    99.814% of principal amount, plus accrued interest from the expected settlement date
Net Proceeds (before expenses):    $1,236,737,500
Make-Whole Call:    Prior to the date that is six months prior to the maturity date at T + 50 basis points
Par Call:    On or after six months prior to the maturity date
CUSIP / ISIN:    548661DW4 / US548661DW49

Joint Book Running Managers:

  

BofA Securities, Inc.

  

Citigroup Global Markets Inc.

  

J.P. Morgan Securities LLC

  

RBC Capital Markets, LLC

Senior Co-Managers:

  

Barclays Capital Inc.

  

Goldman Sachs & Co. LLC

  

U.S. Bancorp Investments, Inc.

  

Wells Fargo Securities, LLC

  

Mizuho Securities USA LLC


Co-Managers:

  

MUFG Securities Americas Inc.

  

SunTrust Robinson Humphrey, Inc.

  

BMO Capital Markets Corp.

  

Loop Capital Markets LLC

  

Mischler Financial Group, Inc.

*Note: A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawn at any time.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll-free at (800) 294-1322, Citigroup Global Markets Inc. toll-free at (800) 831-9146, J.P. Morgan Securities LLC collect at (212) 834-4533 or RBC Capital Markets, LLC toll-free at (866) 375-6829.


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘FWP’ Filing    Date    Other Filings
4/15/30
2/15/30
4/15/25
2/28/25
10/15/20
3/26/20
Filed on:3/24/20424B5,  8-K
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Filing Submission 0001193125-20-084019   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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