Filed Pursuant to Rule 433
Issuer Free Writing Prospectus dated March 24, 2020
Relating to Preliminary Prospectus Supplement dated March 24, 2020
Registration StatementNo. 333-226983
Final Term Sheet
Dated March 24, 2020
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| Issuer: | | Lowe’s Companies, Inc. (the “Company”) |
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| Trade Date: | | March 24, 2020 |
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| Settlement Date (T+2): | | March 26, 2020 |
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| Ratings* (Moody’s/S&P): | | Baa1 / BBB+ |
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| 4.000% Notes due 2025 | | |
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| Aggregate Principal Amount Offered: | | $750,000,000 |
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| Maturity Date: | | April 15, 2025 |
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| Coupon (Interest Rate): | | 4.000 % per annum |
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| Interest Payment Dates: | | April 15 and October 15 of each year, beginning October 15, 2020 |
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| Benchmark Treasury: | | UST 1.125% due February 28, 2025 |
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| Benchmark Treasury Price / Yield: | | 103-011⁄4 / 0.500% |
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| Spread to Benchmark Treasury: | | 3.55% (355 basis points) |
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| Yield to Maturity: | | 4.050% |
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| Public Offering Price: | | 99.771% of principal amount, plus accrued interest from the expected settlement date |
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| Net Proceeds (before expenses): | | $745,657,500 |
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| Make-Whole Call: | | Prior to the date that is one month prior to the maturity date at T + 50 basis points |
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| Par Call: | | On or after one month prior to the maturity date |
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| CUSIP / ISIN: | | 548661DT1 / US548661DT10 |
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4.500% Notes due 2030 | | |
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| Aggregate Principal Amount Offered: | | $1,250,000,000 |
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Maturity Date: | | April 15, 2030 |
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Coupon (Interest Rate): | | 4.500% per annum |
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Interest Payment Dates: | | April 15 and October 15 of each year, beginning October 15, 2020 |
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Benchmark Treasury: | | UST 1.500% due February 15, 2030 |
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Benchmark Treasury Price / Yield: | | 106-17+ / 0.810% |
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Spread to Benchmark Treasury: | | 3.75% (375 basis points) |
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Yield to Maturity: | | 4.560% |
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Public Offering Price: | | 99.518% of principal amount, plus accrued interest from the expected settlement date |
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Net Proceeds (before expenses): | | $1,238,350,000 |
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Make-Whole Call: | | Prior to the date that is three months prior to the maturity date at T + 50 basis points |
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Par Call: | | On or after three months prior to the maturity date |
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CUSIP / ISIN: | | 548661DU8 / US548661DU82 |
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5.000% Notes due 2040 | | |
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Aggregate Principal Amount Offered: | | $750,000,000 |
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Maturity Date: | | April 15, 2040 |
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Coupon (Interest Rate): | | 5.000% per annum |
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Interest Payment Dates: | | April 15 and October 15 of each year, beginning October 15, 2020 |
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Benchmark Treasury: | | UST 2.375% due November 15, 2049 |
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Benchmark Treasury Price / Yield: | | 122-18 / 1.437% |
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Spread to Benchmark Treasury: | | 3.60% (360 basis points) |
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Yield to Maturity: | | 5.037% |
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Public Offering Price: | | 99.533% of principal amount, plus accrued interest from the expected settlement date |
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| Net Proceeds (before expenses): | | $739,935,000 |
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| Make-Whole Call: | | Prior to the date that is six months prior to the maturity date at T + 50 basis points |
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| Par Call: | | On or after six months prior to the maturity date |
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| CUSIP / ISIN: | | 548661DV6 / US548661DV65 |
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| 5.125% Notes due 2050 | | |
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| Aggregate Principal Amount Offered: | | $1,250,000,000 |
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| Maturity Date: | | April 15, 2050 |
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| Coupon (Interest Rate): | | 5.125% per annum |
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| Interest Payment Dates: | | April 15 and October 15 of each year, beginning October 15, 2020 |
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| Benchmark Treasury: | | UST 2.375% due November 15, 2049 |
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| Benchmark Treasury Price / Yield: | | 122-18 / 1.437% |
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| Spread to Benchmark Treasury: | | 3.70% (370 basis points) |
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| Yield to Maturity: | | 5.137% |
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| Public Offering Price: | | 99.814% of principal amount, plus accrued interest from the expected settlement date |
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| Net Proceeds (before expenses): | | $1,236,737,500 |
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| Make-Whole Call: | | Prior to the date that is six months prior to the maturity date at T + 50 basis points |
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| Par Call: | | On or after six months prior to the maturity date |
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| CUSIP / ISIN: | | 548661DW4 / US548661DW49 |
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Joint Book Running Managers: | | BofA Securities, Inc. |
| | Citigroup Global Markets Inc. |
| | J.P. Morgan Securities LLC |
| | RBC Capital Markets, LLC |
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SeniorCo-Managers: | | Barclays Capital Inc. |
| | Goldman Sachs & Co. LLC |
| | U.S. Bancorp Investments, Inc. |
| | Wells Fargo Securities, LLC |
| | Mizuho Securities USA LLC |
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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 atwww.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.
