# EDGAR Filing Document

**Accession Number:** 0000060667
**File Stem:** 0001193125-23-082404
**Filing Date:** 2023-3
**Character Count:** 7062
**Document Hash:** c899da3149676e273c45a282c0a8234e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-082404.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001193125-23-082404

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230328

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LOWES COMPANIES INC
- **CENTRAL INDEX KEY:** 0000060667
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS [5211]
- **IRS NUMBER:** 560578072
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 0203

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-258108
- **FILM NUMBER:** 23771061

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 LOWES BLVD.
- **CITY:** MOORESVILLE
- **STATE:** NC
- **ZIP:** 28117
- **BUSINESS PHONE:** 704-758-1000

**MAIL ADDRESS:**
- **STREET 1:** 1000 LOWES BLVD.
- **CITY:** MOORESVILLE
- **STATE:** NC
- **ZIP:** 28117
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LOWES COMPANIES INC
- **CENTRAL INDEX KEY:** 0000060667
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS [5211]
- **IRS NUMBER:** 560578072
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 0203

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 LOWES BLVD.
- **CITY:** MOORESVILLE
- **STATE:** NC
- **ZIP:** 28117
- **BUSINESS PHONE:** 704-758-1000

**MAIL ADDRESS:**
- **STREET 1:** 1000 LOWES BLVD.
- **CITY:** MOORESVILLE
- **STATE:** NC
- **ZIP:** 28117

**Filed Pursuant to Rule 433** 

**Issuer Free Writing Prospectus dated March 28, 2023** 

**Relating to Preliminary Prospectus Supplement dated March 28, 2023** 

**Registration Statement No. 333-258108** 

**Final Term Sheet** 

**Dated March 28, 2023** 

---

| | |
|:---|:---|
| Issuer: | Lowe's Companies, Inc. |
| Trade Date: | March 28, 2023 |
| Settlement Date (T+2): | March 30, 2023 |
| Ratings\* (Moody's/S&P): | Baa1 / BBB+ |
| ***4.800% Notes due 2026*** |  |
| Aggregate Principal Amount Offered: | $1000000000 |
| Maturity Date: | April 1, 2026 |
| Coupon (Interest Rate): | 4.800% per annum |
| Interest Payment Dates: | April 1 and October 1 of each year, beginning October 1, 2023 |
| Benchmark Treasury: | UST 4.625% due March 15, 2026 |
| Benchmark Treasury Price / Yield: | 102-04 1/4 / 3.856% |
| Spread to Benchmark Treasury: | 0.950% (95 basis points) |
| Yield to Maturity: | 4.806% |
| Public Offering Price: | 99.983% of principal amount, plus accrued interest from the expected Settlement Date |
| Net Proceeds (before expenses): | $997330000.00 |
| 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 EP8 / US548661EP88 |

---

------

---

| | |
|:---|:---|
| ***5.150% Notes due 2033*** |  |
| Aggregate Principal Amount Offered: | $1000000000 |
| Maturity Date: | July 1, 2033 |
| Coupon (Interest Rate): | 5.150% per annum |
| Interest Payment Dates: | January 1 and July 1 of each year, beginning July 1, 2023 (short |
|  | first coupon) |
| Benchmark Treasury: | UST 3.500% due February 15, 2033 |
| Benchmark Treasury Price / Yield: | 99-18+ / 3.551% |
| Spread to Benchmark Treasury: | 1.600% (160 basis points) |
| Yield to Maturity: | 5.151% |
| Public Offering Price: | 100.000% of principal amount, plus accrued interest from the expected Settlement Date |
| Net Proceeds (before expenses): | $995500000.00 |
| 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 EQ6 / US548661EQ61 |
| ***5.750% Notes due 2053*** |  |
| Aggregate Principal Amount Offered: | $500000000 |
| Maturity Date: | July 1, 2053 |
| Coupon (Interest Rate): | 5.750% per annum |
| Interest Payment Dates: | January 1 and July 1 of each year, beginning July 1, 2023 (short |
|  | first coupon) |
| Benchmark Treasury: | UST 4.000% due November 15, 2052 |
| Benchmark Treasury Price / Yield: | 104-08+ / 3.760% |
| Spread to Benchmark Treasury: | 2.000% (200 basis points) |
| Yield to Maturity: | 5.760% |

---

------

---

| | |
|:---|:---|
| Public Offering Price: | 99.868% of principal amount, plus accrued interest from the expected Settlement Date |
| Net Proceeds (before expenses): | $494965000.00 |
| 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 ER4 / US548661ER45 |
| ***5.850% Notes due 2063*** |  |
| Aggregate Principal Amount Offered: | $500000000 |
| Maturity Date: | April 1, 2063 |
| Coupon (Interest Rate): | 5.850% per annum |
| Interest Payment Dates: | April 1 and October 1 of each year, beginning October 1, 2023 |
| Benchmark Treasury: | UST 4.000% due November 15, 2052 |
| Benchmark Treasury Price / Yield: | 104-08+ / 3.760% |
| Spread to Benchmark Treasury: | 2.100% (210 basis points) |
| Yield to Maturity: | 5.860% |
| Public Offering Price: | 99.846% of principal amount, plus accrued interest from the expected Settlement Date |
| Net Proceeds (before expenses): | $494855000.00 |
| Make-Whole Call: | Prior to the date that is six months prior to the Maturity Date at T + 35 basis points |
| Par Call: | On or after six months prior to the Maturity Date |
| CUSIP / ISIN: | 548661 ES2 / US548661ES28 |
| Joint Book Running Managers: | BofA Securities, Inc. |
|  | Citigroup Global Markets Inc. |
|  | J.P. Morgan Securities LLC |
|  | Mizuho Securities USA LLC |
| Senior Co-Managers: | Barclays Capital Inc. |
|  | Goldman Sachs & Co. LLC |

---

------

---

| | |
|:---|:---|
|  | U.S. Bancorp Investments, Inc. |
|  | Wells Fargo Securities, LLC |
|  | RBC Capital Markets, LLC |
| Co-Managers: | MUFG Securities Americas Inc. |
|  | Truist Securities, Inc. |
|  | BMO Capital Markets Corp. |
|  | Loop Capital Markets LLC |
|  | Samuel A. Ramirez & Company, 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 at <u>www.sec.gov</u>. 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 Mizuho Securities USA LLC at (866) 271-7403.**