NORTH WILKESBORO (dpa-AFX) - Lowe's Companies Inc. (LOW) announced it has agreed to sell $500 million of 3.80% Notes due 2021 and $500 million of 5.125% Notes due 2041.
The company stated that estimated net proceeds from this offering will be approximately $991 million, after deducting offering expenses and underwriters' discounts.
The company said that it plans to use the net proceeds from the notes offering for general corporate purposes, which may include repurchases of shares of common stock, capital expenditures, acquisitions and working capital needs. Closing is expected to occur on November 23, 2011.
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