MOORESVILLE, N.C., May 30 /PRNewswire-FirstCall/ -- Lowe's Companies, Inc. provided notice today through The Bank of New York Trust Company, N.A., as trustee, to the holders of its outstanding convertible notes issued in February 2001 and its outstanding senior convertible notes issued in October 2001, of its election to redeem all outstanding convertible notes and senior convertible notes. Lowe's has approximately $579 million aggregate principal amount of senior convertible notes outstanding and approximately $20 million aggregate principal amount of convertible notes outstanding.
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Lowe's will redeem for cash all senior convertible notes issued in October 2001 outstanding on June 30, 2008 at a price equal to the sum of the issuance price, plus accrued original issue discount on the redemption date ($875.73 per note). The senior convertible notes are convertible at the option of the holders into 34.424 shares of Lowe's common stock until June 26, 2008, two business days prior to the redemption date of June 30, 2008. Lowe's is redeeming the senior convertible notes pursuant to, and in accordance with, the terms of the indenture under which they were issued.
Lowe's will redeem for cash all convertible notes issued in February 2001 outstanding on June 30, 2008 at a price equal to the sum of the issuance price, plus accrued original issue discount on the redemption date ($730.71 per note). The convertible notes are convertible at the option of the holders into 32.896 shares of Lowe's common stock until June 30, 2008. Lowe's is redeeming the convertible notes pursuant to, and in accordance with, the terms of the indenture under which they were issued.
Disclosure Regarding Forward-Looking Statements
This news release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Statements of the company's expectations for sales growth, comparable store sales, earnings and performance, capital expenditures, store openings, the housing market, the home improvement industry, demand for services, and any statement of an assumption underlying any of the foregoing, constitute "forward-looking statements" under the Act. Although the company believes that the expectations, opinions, projections, and comments reflected in its forward-looking statements are reasonable, it can give no assurance that such statements will prove to be correct. A wide-variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results expressed or implied by our forward-looking statements including, but not limited to, changes in general economic conditions, such as interest rate and currency fluctuations, higher fuel and other energy costs, slower growth in personal income, declining housing turnover, the availability of mortgage financing, inflation or deflation of commodity prices and other factors which can negatively affect our customers, as well as our ability to: (i) respond to adverse trends in the housing industry and the level of repairs, remodeling, and additions to existing homes, as well as general reduction in commercial building activity; (ii) secure, develop, and otherwise implement new technologies and processes designed to enhance our efficiency and competitiveness; (iii) attract, train, and retain highly-qualified associates; (iv) locate, secure, and successfully develop new sites for store development particularly in major metropolitan markets; (v) respond to fluctuations in the prices and availability of services, supplies, and products; (vi) respond to the growth and impact of competition; (vii) address legal and regulatory developments; and (viii) respond to unanticipated weather conditions that could adversely affect sales. For more information about these and other risks and uncertainties that we are exposed to, you should read the "Risk Factors" included in our Annual Report on Form 10-K to the United States Securities and Exchange Commission and the description of material changes, if any, in those "Risk Factors" included in our Quarterly Reports on Form 10-Q.
The forward-looking statements contained in this news release speak only as of the date of this release and the company does not assume any obligation to update any such statements.
With fiscal year 2007 sales of $48.3 billion, Lowe's Companies, Inc. is a FORTUNE(R) 50 company that serves approximately 14 million customers a week at more than 1,550 home improvement stores in the United States and Canada. Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest home improvement retailer in the world. For more information, visit http://www.lowes.com/ .
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