Filed Pursuant to Rule 433
Issuer Free Writing Prospectus dated March 22, 2022
Relating to Preliminary Prospectus Supplement dated March 22, 2022
Registration Statement No. 333-258108
Final Term Sheet
Dated March 22, 2022
Issuer: | Lowe’s Companies, Inc. (the “Company”) | |
Trade Date: | March 22, 2022 | |
Settlement Date (T+2): | March 24, 2022 | |
Ratings* (Moody’s/S&P): | Baa1 / BBB+ | |
3.350% Notes due 2027 | ||
Aggregate Principal Amount Offered: | $750,000,000 | |
Maturity Date: | April 1, 2027 | |
Coupon (Interest Rate): | 3.350% per annum | |
Interest Payment Dates: | April 1 and October 1 of each year, beginning October 1, 2022 | |
Benchmark Treasury: | UST 1.875% due February 28, 2027 | |
Benchmark Treasury Price / Yield: | 97-18 3⁄4 / 2.396% | |
Spread to Benchmark | ||
Treasury: | 0.970% (97 basis points) | |
Yield to Maturity: | 3.366% | |
Public Offering Price: | 99.926% of principal amount, plus accrued interest from the expected settlement date | |
Net Proceeds (before expenses): | $746,820,000 | |
Make-Whole Call: | Prior to the date that is one month prior to the maturity date at T + 15 basis points | |
Par Call: | On or after one month prior to the maturity date | |
CUSIP / ISIN: | 548661 EG8 / US548661EG89 | |
3.750% Notes due 2032 | ||
Aggregate Principal Amount Offered: | $1,500,000,000 |
1
Maturity Date: | April 1, 2032 | |
Coupon (Interest Rate): | 3.750% per annum | |
Interest Payment Dates: | April 1 and October 1 of each year, beginning October 1, 2022 | |
Benchmark Treasury: | UST 1.875% due February 15, 2032 | |
Benchmark Treasury Price / Yield: | 95-20+ / 2.372% | |
Spread to Benchmark Treasury: | 1.380% (138 basis points) | |
Yield to Maturity: | 3.752% | |
Public Offering Price: | 99.983% of principal amount, plus accrued interest from the expected settlement date | |
Net Proceeds (before expenses): | $1,492,995,000 | |
Make-Whole Call: | Prior to the date that is three months prior to the maturity date at T + 25 basis points | |
Par Call: | On or after three months prior to the maturity date | |
CUSIP / ISIN: | 548661 EH6 / US548661EH62 | |
4.250% Notes due 2052 | ||
Aggregate Principal Amount Offered: | $1,500,000,000 | |
Maturity Date: | April 1, 2052 | |
Coupon (Interest Rate): | 4.250% per annum | |
Interest Payment Dates: | April 1 and October 1 of each year, beginning October 1, 2022 | |
Benchmark Treasury: | UST 1.875% due November 15, 2051 | |
Benchmark Treasury | ||
Price / Yield: | 84-20+ / 2.624% | |
Spread to Benchmark Treasury: | 1.630% (163 basis points) | |
Yield to Maturity: | 4.254% | |
Public Offering Price: | 99.932% of principal amount, plus accrued interest from the expected settlement date | |
Net Proceeds (before expenses): | $1,485,855,000 |
2
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 EJ2 / US548661EJ29 | |
4.450% Notes due 2062 | ||
Aggregate Principal Amount Offered: | $1,250,000,000 | |
Maturity Date: | April 1, 2062 | |
Coupon (Interest Rate): | 4.450% per annum | |
Interest Payment Dates: | April 1 and October 1 of each year, beginning October 1, 2022 | |
Benchmark Treasury: | UST 1.875% due November 15, 2051 | |
Benchmark Treasury Price / Yield: | 84-20+ / 2.624% | |
Spread to Benchmark Treasury: | 1.830% (183 basis points) | |
Yield to Maturity: | 4.454% | |
Public Offering Price: | 99.925% of principal amount, plus accrued interest from the expected settlement date | |
Net Proceeds (before expenses): | $1,238,125,000 | |
Make-Whole Call: | Prior to the date that is six months prior to the maturity date at T + 30 basis points | |
Par Call: | On or after six months prior to the maturity date | |
CUSIP / ISIN: | 548661 EF0 / US548661EF07 | |
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 | ||
Wells Fargo Securities, LLC | ||
U.S. Bancorp Investments, Inc. | ||
Mizuho Securities USA LLC | ||
Co-Managers: | MUFG Securities Americas Inc. | |
Truist Securities, 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. |
3
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. at (800) 294-1322, Citigroup Global Markets Inc. at (800)-831-9146, J.P. Morgan Securities LLC at (212)-834-4533 or RBC Capital Markets, LLC at (866) 375-6829.
4