FWP 1 d44651dfwp.htm FWP FWP

Filed Pursuant to Rule 433

Issuer Free Writing Prospectus dated October 7, 2020

Relating to Preliminary Prospectus Supplement dated October 7, 2020

Registration Statement No. 333-226983

Final Term Sheet

Dated October 7, 2020

 

Issuer:    Lowe’s Companies, Inc. (the “Company”)
Trade Date:    October 7, 2020
Settlement Date (T+10):    October 22, 2020
Ratings* (Moody’s/S&P):    Baa1 / BBB+
1.300% Notes due 2028   
Aggregate Principal Amount Offered:    $1,000,000,000
Maturity Date:    April 15, 2028
Coupon (Interest Rate):    1.300% per annum
Interest Payment Dates:    April 15 and October 15 of each year, beginning April 15, 2021
Benchmark Treasury:    UST 0.375% due September 30, 2027
Benchmark Treasury Price / Yield:    98-23+ / 0.560%
Spread to Benchmark Treasury:    0.75% (75 basis points)
Yield to Maturity:    1.310%
Public Offering Price:    99.929% of principal amount, plus accrued interest from the expected settlement date
Net Proceeds (before expenses):    $995,290,000
Make-Whole Call:    Prior to the date that is two months prior to the maturity date at T + 15 basis points
Par Call:    On or after two months prior to the maturity date
CUSIP / ISIN:    548661 DX2 / US548661DX22

 

1


1.700% Notes due 2030   
Aggregate Principal Amount Offered:    $1,250,000,000
Maturity Date:    October 15, 2030
Coupon (Interest Rate):    1.700% per annum
Interest Payment Dates:    April 15 and October 15 of each year, beginning April 15, 2021
Benchmark Treasury:    UST 0.625% due August 15, 2030
Benchmark Treasury Price / Yield:    98-13+ / 0.792%
Spread to Benchmark Treasury:    0.95% (95 basis points)
Yield to Maturity:    1.742%
Public Offering Price:    99.617% of principal amount, plus accrued interest from the expected settlement date
Net Proceeds (before expenses):    $1,239,587,500
Make-Whole Call:    Prior to the date that is three months prior to the maturity date at T + 15 basis points
Par Call:    On or after three months prior to the maturity date
CUSIP / ISIN:    548661 DY0 / US548661DY05

 

2


3.000% Notes due 2050   
Aggregate Principal Amount Offered:    $1,750,000,000
Maturity Date:    October 15, 2050
Coupon (Interest Rate):    3.000% per annum
Interest Payment Dates:    April 15 and October 15 of each year, beginning April 15, 2021
Benchmark Treasury:    UST 1.250% due May 15, 2050
Benchmark Treasury Price / Yield:    91-21 / 1.605%
Spread to Benchmark Treasury:    1.40% (140 basis points)
Yield to Maturity:    3.005%
Public Offering Price:    99.902% of principal amount, plus accrued interest from the expected settlement date
Net Proceeds (before expenses):    $1,732,972,500
Make-Whole Call:    Prior to the date that is six months prior to the maturity date at T + 25 basis points
Par Call:    On or after six months prior to the maturity date
CUSIP / ISIN:    548661 DZ7 / US548661DZ79

Joint Book Running Managers:

  

Barclays Capital Inc.

Goldman Sachs & Co. LLC

Wells Fargo Securities, LLC

U.S. Bancorp Investments, Inc.

Senior Co-Managers:

  

BofA Securities, Inc.

Citigroup Global Markets Inc.

J.P. Morgan Securities LLC

Mizuho Securities USA LLC

RBC Capital Markets, LLC

Co-Managers:

  

MUFG Securities Americas Inc.

Truist Securities, Inc.

BMO Capital Markets Corp.

Loop Capital Markets LLC

Siebert Williams Shank & Co., LLC

 

*

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.

 

3


We expect that the delivery of the notes will be made to investors on or about October 22, 2020, which will be the tenth business day following the date of this term sheet (such settlement being referred to as T+10). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, investors who wish to trade notes prior to two business days before delivery may be required, by virtue of the fact that the notes initially will settle in T+10, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Investors who wish to trade the notes prior to two business days before their date of delivery hereunder should consult their advisors.

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 Barclays Capital Inc. at (888) 603-5847, Goldman Sachs & Co. LLC at (866) 471-2526, Wells Fargo Securities, LLC at (800) 645-3751 or U.S. Bancorp Investments, Inc. at (877) 558-2607.

 

4