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Lowe's to sell $1 billion in debt
(4-13-10) Lowe’s Cos. Inc. will sell $1 billion in debt. It will use more than half of the proceeds to pay off notes that come due June 1. Lowe’s will use the rest for general corporate purposes, including the repurchase of its common stock.
The Mooresville-based home-improvement retailer says it will sell $500 million worth of 4.625 percent notes due in 2020 and $500 million of 5.8 percent notes due in 2040.
Closing is slated for Thursday.
Lowe’s operates more than 1,700 home-improvement stores in North America. The company (NYSE:LOW) was founded in 1946.
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