Lowe's plans to raise $1.98B from debt sale

MOORESVILLE, N.C. (AP) — Home improvement retailer Lowe's Cos. said Monday it expects to raise $1.98 billion by selling debt.

Lowe's said it will sell $500 million in five-year notes, $750 million in 10-year notes, and $750 million in 30-year notes. It expects proceeds of $1.98 billion after the costs of the offering and underwriting discounts are deducted. The company plans to use the funds for general corporate purposes, including stock repurchases, capital spending, and acquisitions. Lowe's said the sale should close on April 23.

Wells Fargo Securities, Goldman Sachs, and US Bancorp are the joint book-running managers for the offering.

Shares of Lowe's rose 36 cents to $32.05 Monday. The stock picked up 9 cents to $32.14 in after-hours trading.

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