sv3asr
As filed with the Securities and Exchange Commission on
September 2, 2009
Registration
No. 333-
UNITED STATES SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
Form S-3
REGISTRATION
STATEMENT
UNDER
THE SECURITIES ACT OF
1933
LOWES COMPANIES,
INC.
(Exact name of registrant as
specified in its charter)
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North Carolina
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56-0578072
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(State or other jurisdiction
of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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1000 Lowes Boulevard
Mooresville, North Carolina 28117
(704) 758-1000
(Address, including zip code,
and telephone number,
including area code, of registrants principal executive
offices)
Gaither M. Keener, Jr.
Senior Vice President, General Counsel, Secretary and Chief
Compliance Officer
1000 Lowes Boulevard
Mooresville, North Carolina 28117
(704) 758-1000
(Name, address, including zip
code, and telephone number,
including area code, of agent for service)
Copies to:
Ernest S. DeLaney III, Esq.
Dumont Clarke IV, Esq.
Moore & Van Allen PLLC
100 North Tryon Street, Suite 4700
Charlotte, North Carolina 28202-4003
(704) 331-1000
Approximate date of commencement of proposed sale to the
public: From time to time after the registration
statement becomes effective.
If the only securities being registered on this Form are being
offered pursuant to dividend or interest reinvestment plans,
please check the following
box. o
If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to
Rule 415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest
reinvestment plans, check the following
box. þ
If this Form is filed to register additional securities for an
offering pursuant to Rule 462(b) under the Securities Act,
check the following box and list the Securities Act registration
statement number of the earlier effective registration statement
for the same
offering. o
If this Form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, check the following
box and list the Securities Act registration statement number of
the earlier effective registration statement for the same
offering. o
If this Form is a registration statement pursuant to General
Instruction I.D. or a post-effective amendment thereto that
shall become effective upon filing with the Commission pursuant
to Rule 462(e) under the Securities Act, check the
following
box. þ
If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.D. filed to
register additional securities or additional classes of
securities pursuant to Rule 413(b) under the Securities
Act, check the following
box. o
Indicate by check mark whether the Registrant is a large
accelerated filer, an accelerated filer, a non-accelerated
filer, or a smaller reporting company. See the definitions of
large accelerated filer, accelerated
filer and smaller reporting company in
Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer
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þ
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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(Do not check if a smaller reporting company)
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CALCULATION OF REGISTRATION
FEE
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Amount to be Registered /
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Proposed Maximum Offering Price per Unit /
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Title of Each Class of
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Proposed Maximum Aggregate Offering Price /
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Securities to be Registered
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Amount of Registration Fee
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Debt securities
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Preferred stock
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(1)
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Common stock
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(1)
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An indeterminate principal amount
or number of securities is being registered as may from time to
time be sold at indeterminate prices. In accordance with
Rules 456(b) and 457(r) under the Securities Act of 1933,
the registrant is deferring payment of all of the registration
fee.
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Lowes Companies,
Inc.
Debt Securities
Preferred Stock
Common Stock
We may offer to sell debt securities, preferred stock or common
stock from time to time. This prospectus provides you with a
general description of the securities we may offer. Each time we
offer securities, we will provide specific terms of those
securities, and the manner in which they are being offered, in a
supplement to this prospectus. Any supplement to this prospectus
may also add, update or change information contained in this
prospectus. You should read this prospectus and any related
supplement carefully before you invest.
The securities may be offered on a continuous or delayed basis
directly to purchasers or to or through one or more
underwriters, agents or dealers as designated from time to time.
If any underwriters, agents or dealers are involved in the sale
of any securities, the applicable supplement to this prospectus
will set forth the names of any underwriters, agents or dealers
and any applicable commissions or discounts. Our net proceeds
from the sale of securities will also be set forth in the
applicable prospectus supplement.
Investing in these securities involves risks. See risks
described in this prospectus and those described as risk factors
in Item 1A of our Annual Report on
Form 10-K
for the fiscal year ended January 30, 2009 as they may be
amended, updated and modified periodically in our reports filed
with the Securities and Exchange Commission. Additional risks
may also be included in a supplement to this prospectus.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal
offense.
The information in this prospectus is not complete and may
change. This prospectus is not an offer to sell these
securities, and it is not soliciting an offer to buy these
securities, in any state where the offer or sale is not
permitted.
This prospectus is dated September 2, 2009.
TABLE OF
CONTENTS
Prospectus
ABOUT
THIS PROSPECTUS
This prospectus is part of a registration statement that we
filed with the Securities and Exchange Commission
(SEC) utilizing a shelf registration
process. Under the shelf process, we may sell any combination of
the securities described in this prospectus in one or more
offerings at any time and from time to time.
This prospectus provides you with a general description of the
securities that we may offer. Each time we sell securities, we
will provide a supplement to this prospectus that will contain
specific information about the terms of those securities and
that offering. Any supplement to this prospectus may also add,
update or change information contained in this prospectus. As a
result, the summary descriptions of the securities in this
prospectus are subject, and qualified by reference, to the
descriptions of the particular terms of any securities contained
in an accompanying supplement.
You should carefully read this prospectus, the accompanying
prospectus supplement and the documents incorporated by
reference in their entirety. They contain information that you
should consider when making your investment decision.
WARNING
REGARDING FORWARD-LOOKING STATEMENTS
This prospectus may include forward-looking
statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the Securities
Act) and Section 21E of the Securities Exchange Act
of 1934, as amended (the Exchange Act) with respect
to our financial condition, results of operations, cash flows,
plans, objectives, future performance and business. Statements
containing words such as expects, plans,
strategy, projects,
believes, opportunity,
anticipates, desires, and similar
expressions are intended to highlight or indicate
forward-looking statements. Although we believe that
the expectations, opinions, projections, and comments reflected
in our forward-looking statements are reasonable, we 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 rising unemployment, interest rate and
currency fluctuations, higher fuel and other energy costs,
slower growth in personal income, changes in consumer spending,
the availability and increasing regulation of consumer credit
and mortgage financing, changes in the rate of housing turnover,
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
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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 legislative and
regulatory developments; (viii) respond to unanticipated
weather conditions that could adversely affect sales and (ix)
execute successfully the business plan for our international
expansion. Additional information regarding the risks and
uncertainties which may affect our business operations and
financial performance can be found in our filings with the SEC.
You should rely only on the information contained or
incorporated by reference into this prospectus and any
accompanying supplement. We have not authorized any other person
to provide you with different information. If anyone provides
you with different or inconsistent information, you should not
rely on it. We are not making an offer to sell these securities
in any jurisdiction where the offer or sale is not permitted.
You should assume that the information in this prospectus, any
accompanying supplement and the documents incorporated by
reference is accurate only as of their respective dates. We
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new
information, future events or otherwise. Our business, financial
condition, results of operations and prospects may have changed
since those dates.
This prospectus does not constitute an offer to sell or the
solicitation of an offer to buy any securities other than the
securities to which they relate or an offer to sell or the
solicitation of an offer to buy such securities in any
circumstances in which such offer or solicitation is unlawful.
Neither the delivery of this prospectus nor any sale made
hereunder shall, under any circumstances, create any implication
that there has been no change in the affairs of our company
since the date hereof or that the information contained herein
or therein is correct as of any time subsequent to the date
hereof.
Except as otherwise indicated, all references in this prospectus
to Lowes, the company,
we and our refer to Lowes
Companies, Inc., and its consolidated subsidiaries.
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THE
COMPANY
Lowes Companies, Inc. is a
Fortune®
50 company, offering a complete line of home improvement
products and services. Lowes is the second largest home
improvement retailer in the world and the seventh largest
retailer in the United States. Lowes operates stores in
all 50 states, is expanding its network of stores into
Canada and Mexico and, through a joint venture agreement with
Australias largest retailer, is developing a network of
home improvement stores for consumers in Australia.
We are an active supporter of the communities we serve. We are a
national partner with both the American Red Cross and Habitat
for Humanity International, and we support numerous local
charities. Through the Lowes Heroes volunteer program, we
provide help to civic groups with public safety projects and
share important home safety and fire prevention information with
neighborhoods across the country.
Our management is committed to understanding and reflecting the
diverse cultures of the communities we serve across the United
States in staffing, business partnerships and the products we
sell. We are also committed to making diversity and inclusion a
natural part of the way we do business. We have been a publicly
held company since 1961, and our shares of common stock are
listed on the New York Stock Exchange under the symbol
LOW.
USE OF
PROCEEDS
Unless we state otherwise in the applicable supplement, we will
use the net proceeds from the sale of the securities that may be
offered by this prospectus and the applicable supplement for
refinancing indebtedness, general corporate purposes, which may
include capital expenditures, additions to working capital and
advances for or investments in our subsidiaries, and to finance
repurchases of shares of our common stock.
We may temporarily invest any proceeds that are not immediately
applied to the above purposes in U.S. government or agency
obligations, commercial paper, money market funds, taxable and
tax-exempt notes and bonds, variable-rate demand obligations,
bank certificates of deposit or repurchase agreements
collateralized by U.S. government or agency obligations. We
may also deposit the proceeds with banks.
RATIO OF
EARNINGS TO FIXED CHARGES
Lowes historical ratio of earnings to fixed charges is
shown in the table below. The ratio of earnings to fixed charges
is computed by dividing earnings by fixed charges. For this
purpose, earnings includes pretax earnings plus
fixed charges, less interest capitalized. Fixed
charges includes interest expensed and capitalized and the
portion of rental expense that is representative of the interest
factor in these rentals.
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Six Months
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Fiscal Years Ended On
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Ended
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January 28,
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February 3,
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February 2,
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February 1,
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January 30,
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August 1,
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July 31,
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2005
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2006
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2007
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2008
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2009
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2008
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2009
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Ratio of earnings to fixed charges
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12.3
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14.1
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15.4
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x
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11.5
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x
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8.2
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x
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11.0
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x
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9.4
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x
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DESCRIPTION
OF OUR DEBT SECURITIES
The following description sets forth general terms and
provisions of the debt securities that we may offer with this
prospectus. We will provide additional terms of the debt
securities in the applicable supplement.
We will issue senior debt securities under an amended and
restated indenture, dated as of December 1, 1995, between
Lowes and The Bank of New York Mellon Trust Company, N.A.
(as successor trustee to Bank One, N.A. (formerly known as The
First National Bank of Chicago)). We refer to this indenture as
the Indenture.
The following description summarizes some of the provisions of
the Indenture, including definitions of some of the more
important terms in the Indenture. However, we have not described
every aspect of the debt securities. You should refer to the
actual Indenture for a complete description of its provisions
and the definitions of terms used in it. Whenever we refer to
particular sections or defined terms of the Indenture in this
prospectus or in any applicable supplement, we are incorporating
by reference those sections or defined terms into this
prospectus or the applicable supplement.
The Indenture is an exhibit to the registration statement. See
Where You Can Find More Information for information
on how to obtain a copy of the Indenture for your review.
General
Terms of Our Debt Securities.
The Indenture does not limit the aggregate principal amount of
debt securities that we may issue and provides that we may issue
debt securities from time to time in one or more series.
(Section 301). In addition, neither the Indenture nor the
debt securities will limit or otherwise restrict the amount of
senior indebtedness that we or our subsidiaries may incur.
Under the Indenture, as of July 31, 2009, we have
outstanding approximately:
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$500 million of 8.25% Senior Notes due June 1,
2010;
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$550 million of 5.60% Notes due September 15, 2012;
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$500 million of 5.00% Notes due October 15, 2015;
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$550 million of 5.40% Notes due October 15, 2016;
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$250 million of 6.10% Notes due September 15, 2017;
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$218 million of Medium Term Notes, Series B, at rates
ranging from 7.11% to 7.61% with final maturities ranging from
June 17, 2027 to May 15, 2037;
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$300 million of 6.875% Debentures due
February 15, 2028;
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$400 million of 6.50% Debentures due March 15,
2029;
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$500 million of 5.50% Notes due October 15, 2035;
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$450 million of 5.80% Notes due October 15, 2036;
and
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$500 million of 6.65% Notes due September 15, 2037.
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We have outstanding under a separate senior indenture an
additional $15 million of Medium Term Notes, Series A,
at rates ranging from 8.19% to 8.20% and with final maturities
from August 12, 2022 to January 11, 2023.
The debt securities will be our unsecured obligations and will
rank on a parity with all of our other existing and future
unsecured and unsubordinated indebtedness. The debt securities
will be subordinated to our existing and future secured
indebtedness and that of our subsidiaries and to any existing
and future unsecured, unsubordinated indebtedness of our
subsidiaries. In other words, if we should default on our debt,
we will not make payments on the debt securities until we have
fully paid off our secured indebtedness and that of our
subsidiaries and any unsecured, unsubordinated indebtedness of
our subsidiaries.
The particular terms of each issue of debt securities, as well
as any modifications or additions to the general terms of the
Indenture applicable to the issue of debt securities, will be
described in the applicable supplement.
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This description will contain all or some of the following as
applicable:
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the title of the debt security;
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the aggregate principal amount and denominations;
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the maturity or maturities;
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the price that we will receive from the sale of the debt
securities;
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the interest rate or rates, or their method of calculation, for
the debt securities, which rate or rates may vary from time to
time;
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the date or dates on which principal and premium, if any, of the
debt securities is payable;
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the date or dates from which interest on the debt securities
will accrue and the record date or dates for payments of
interest or the methods by which any such dates will be
determined;
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the place or places where principal of, premium, if any, and
interest on the debt securities is payable;
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the terms of any sinking fund and analogous provisions with
respect to the debt securities;
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the respective redemption and repayment rights, if any, of
Lowes and of the holders of the debt securities and the
related redemption and repayment prices and any limitations on
the redemption or repayment rights;
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the conversion price and other terms of any debt securities that
a holder may convert into or exchange for our other securities
before our redemption, repayment or repurchase of those
convertible debt securities;
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any addition to or change in the covenants or events of default
relating to any of the debt securities;
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any trustee or fiscal or authenticating or payment agent,
issuing and paying agent, transfer agent or registrar or any
other person or entity to act in connection with the debt
securities for or on behalf of the holders thereof or the
Company or an affiliate;
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whether the debt securities are to be issuable initially in
temporary global form and whether any such debt securities are
to be issuable in permanent global form and, if so, whether
beneficial owners of interests in any such permanent global
security may exchange the interests for debt securities of like
tenor of any authorized form and denomination and the
circumstances under which any such exchanges may occur;
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the listing of the debt securities on any securities exchange or
inclusion in any other market or quotation or trading
system; and
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any other specific terms, conditions and provisions of the debt
securities.
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Unless the applicable supplement provides differently, upon
receipt of payment, the trustee will pay the principal of and
any premium and interest on the debt securities and will
register the transfer of any debt securities at its offices.
However, at our option, we may distribute interest payments by
mailing a check to the address of each holder of debt securities
that appears on the register for the debt securities.
(Sections 305 and 1002).
Unless the applicable supplement provides differently, we will
issue the debt securities in fully registered form without
coupons and in denominations of $1,000 or any integral multiple
of $1,000. There will be no service charge for any registration
of transfer or exchange of the debt securities, although we may
require that purchasers of the debt securities pay any tax or
other governmental charge associated with the registration.
(Sections 302 and 305).
We may issue debt securities as Original Issue Discount
Securities, as defined in the Indenture, to be sold at a
substantial discount below their principal amount. The
applicable supplement will describe any special federal income
tax and other considerations applicable to these securities.
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Covenants
Applicable to Our Debt Securities.
Unless stated otherwise in the applicable supplement, debt
securities will have the benefit of the following covenants. We
have defined several capitalized terms used in this section in
the subsection below entitled Definitions of Key Terms in
the Indenture. Capitalized terms not defined there are
defined in the Indenture.
Restrictions
on Debt.
The Indenture provides that as long as we have any senior debt
securities outstanding:
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we will not, and we will not permit any of our subsidiaries to,
incur, issue, assume or guarantee any Debt secured by
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a Mortgage on any Principal Property of Lowes or any
subsidiary; or
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any shares of Capital Stock or Debt of any subsidiary,
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unless all outstanding senior debt securities will be secured
equally and ratably with the secured Debt, so long as the
secured Debt is secured; and
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we will not permit any of our subsidiaries to incur, issue,
assume or guarantee any unsecured Debt or to issue any preferred
stock, unless the aggregate amount of all such Debt together
with the aggregate preferential amount to which the preferred
stock would be entitled on any involuntary distribution of
assets and all Attributable Debt of Lowes and our
subsidiaries in respect of sale and leaseback transactions would
not exceed 10% of our Consolidated Net Tangible Assets.
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These restrictions do not apply to the following Debts, which we
exclude in computing Debt for the purpose of the restrictions:
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Debt secured by Mortgages on any property acquired, constructed
or improved by Lowes or any subsidiary after
December 1, 1995, which Mortgages are created or assumed
contemporaneously with, or within 30 months after, the
acquisition, or completion of the construction or improvement,
or within six months thereafter under a firm commitment for
financing arranged with a lender or investor within the
30-month
period, to secure or provide for the payment of all or any part
of the purchase price of the property or the cost of the
construction or improvement incurred after December 1, 1995
or Mortgages on any property existing at the time of its
acquisition if any such Mortgage does not apply to any other
property owned by us or any subsidiary other than, in the case
of any such construction or improvement, any previously
unimproved real property on which the property so constructed,
or the improvement, is located;
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Debt of any corporation existing at the time the corporation is
merged with or into Lowes or a subsidiary;
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Debt of any corporation existing at the time the corporation
becomes a subsidiary;
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Debt of a subsidiary to Lowes or to another subsidiary;
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Debt secured by Mortgages securing obligations issued by a
state, territory or possession of the United States, or any
political subdivision of any of the foregoing, or the District
of Columbia, to finance the acquisition of or construction on
property, and on which the interest is not, in the opinion of
counsel, includable in gross income of the holder; and
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any extensions, renewals or replacements, in whole or in part,
of any Debt referred to in the above clauses as long as the
principal amount of that Debt is not increased and, in the case
of Debt secured by a Mortgage, no more than all of the same
property continues to secure such Debt.
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These restrictions do not apply to any issuance of Preferred
Stock by a subsidiary to Lowes or another subsidiary,
provided that the Preferred Stock is not thereafter transferable
to any Person other than Lowes or a subsidiary.
(Section 1008).
7
Restrictions
on Sales and Leasebacks.
The Indenture provides that we will not, and we will not permit
any subsidiary to, after December 1, 1995, enter into any
transaction involving the sale and subsequent leasing back by
Lowes or any of its subsidiaries of any Principal
Property, unless, after giving effect to the sale and leaseback
transaction, the aggregate amount of all Attributable Debt with
respect to all such transactions plus all Debt to which
Section 1008 of the Indenture is applicable, would not
exceed 10% of Consolidated Net Tangible Assets. This restriction
will not apply to, and there will be excluded in computing
Attributable Debt for the purpose of the restriction,
Attributable Debt with respect to any sale and leaseback
transaction if:
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the lease in the transaction is for a period (including renewal
rights) not exceeding three years;
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Lowes or a subsidiary, within 180 days after the
sale, applies an amount not less than the greater of the net
proceeds of the sale of the Principal Property leased under the
arrangement or the fair market value of the Principal Property
leased at the time of entering into the arrangement (as
determined by the Board of Directors) to, with some
restrictions, the retirement of our Funded Debt ranking on a
parity with or senior to the debt securities or the retirement
of Funded Debt of a subsidiary;
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the transaction is entered into before, at the time of, or
within 30 months after the later of the acquisition of the
Principal Property or the completion of its construction;
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the lease in the transaction secures or relates to obligations
issued by a state, territory or possession of the United States,
or any political subdivision thereof, or the District of
Columbia, to finance the acquisition of or construction on
property, and on which the interest is not, in the opinion of
counsel, includable in the gross income of the holder; or
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the transaction is entered into between Lowes and a
subsidiary or between subsidiaries.
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(Section 1009).
Definitions
of Key Terms in the Indenture.
The Indenture defines the following terms used in this
subsection:
Attributable Debt means, as to any particular lease
under which any Person is at the time liable, at any date as of
which the amount thereof is to be determined, the total net
amount of rent required to be paid by that Person under the
lease during the remaining term thereof (excluding any
subsequent renewal or other extension options held by the
lessee), discounted from the respective due dates thereof to
such date at the rate of 10% per annum compounded annually.
The net amount of rent required to be paid under any such lease
for any such period will be the amount of the rent payable by
the lessee with respect to that period, after excluding amounts
required to be paid on account of maintenance and repairs,
insurance, taxes, assessments, water rates and similar charges
and contingent rents (such as those based on sales). In the case
of any lease that is terminable by the lessee upon the payment
of a penalty, the net amount will also include the amount of the
penalty, but no rent will be considered as required to be paid
under the lease after the first date upon which it may be so
terminated.
Capital Stock, as applied to the stock of any
corporation, means the capital stock of every class whether now
or hereafter authorized, regardless of whether the capital stock
will be limited to a fixed sum or percentage with respect to the
rights of the holders thereof to participate in dividends and in
the distribution of assets upon the voluntary or involuntary
liquidation, dissolution or winding up of the corporation.
Consolidated Net Tangible Assets means the aggregate
amount of assets (less applicable reserves and other properly
deductible items) after deducting (i) all current
liabilities and (ii) all goodwill, trade names, trademarks,
patents, unamortized debt discount and expense and other like
intangibles, all as shown on the most recent balance sheet of
Lowes and our consolidated subsidiaries and computed under
generally accepted accounting principles.
8
Debt means loans, notes, bonds, debentures or other
similar evidences of indebtedness for money borrowed.
Funded Debt means all indebtedness for money
borrowed having a maturity of more than 12 months from the
date as of which the amount thereof is to be determined or
having a maturity of less than 12 months but by its terms
being renewable or extendible beyond 12 months from such
date at the option of the borrower.
Preferred Stock means any class of our stock that
has a preference over common stock in respect of dividends or of
amounts payable in the event of our voluntary or involuntary
liquidation, dissolution or winding up and that is not
mandatorily redeemable or repayable, or redeemable or repayable
at the option of the holder, otherwise than in shares of common
stock or preferred stock of another class or series or with the
proceeds of the sale of common stock or preferred stock.
Principal Property means any building, structure or
other facility, together with the land upon which it is erected
and fixtures comprising a part thereof, used primarily for
selling home improvement products or the manufacturing,
warehousing or distributing of the products, owned or leased by
us or any of our subsidiaries. (Section 101).
The
Effect of Our Corporate Structure on Our Payment of the Debt
Securities.
The debt securities are the obligations of Lowes
exclusively. Because our operations are currently conducted
through subsidiaries, the cash flow and the consequent ability
to service our debt, including the debt securities, are
dependent, in part, upon the earnings of our subsidiaries and
the distribution of those earnings to us or upon loans or other
payments of funds by those subsidiaries to us. Our subsidiaries
are separate and distinct legal entities. They have no
obligation, contingent or otherwise, to pay any amounts due on
the debt securities or to make any funds available for our
payment of any amounts due on the debt securities, whether by
dividends, loans or other payments. In addition, our
subsidiaries payments of dividends and making of loans and
advances to us may be subject to statutory or contractual
restrictions, are contingent upon the earnings of those
subsidiaries and various business considerations.
Although the Indenture limits the incurrence of the
indebtedness, as described above in the subsection
Covenants Applicable to Our Debt Securities, the
debt securities will be effectively subordinated to all
indebtedness and other liabilities, including current
liabilities and commitments under leases, if any, of our
subsidiaries. Any right of ours to receive assets of any of our
subsidiaries upon liquidation or reorganization of the
subsidiary (and the consequent right of the holders of the debt
securities to participate in those assets) will be effectively
subordinated to the claims of that subsidiarys creditors
(including trade creditors), except to the extent that we are
recognized as a creditor of the subsidiary, in which case our
claims would still be subordinated to any security interests in
the subsidiarys assets and any of the subsidiarys
indebtedness senior to that which we hold.
To the extent that we enter into joint ventures with others to
conduct operations, those joint ventures will also be separate
and distinct legal entities with similar effects on our payment
of the debt securities.
No
Restriction on Sale or Issuance of Stock of
Subsidiaries.
The Indenture contains no covenant that we will not sell,
transfer or otherwise dispose of any shares of, or securities
convertible into, or options, warrants or rights to subscribe
for or purchase shares of, voting stock of any of our
subsidiaries. It also does not prohibit any subsidiary from
issuing any shares of, securities convertible into, or options,
warrants or rights to subscribe for or purchase shares of, the
subsidiarys voting stock.
Consolidation,
Merger and Sale of Assets.
Without the consent of the holders of any of the outstanding
debt securities, we may consolidate or merge with or into, or
convey, transfer or lease our properties and assets
substantially as an entirety, to any
9
corporation, partnership or limited liability company organized
under the laws of any domestic jurisdiction, as long as:
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the successor assumes our obligations on the debt securities and
under the Indenture;
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after giving effect to the transaction, no event of default, and
no event that, after notice, lapse of time or both, would become
an event of default, has occurred and is continuing; and
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other conditions described in the Indenture are met.
(Section 801).
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Accordingly, the holders of debt securities may not have
protection in the event of a highly leveraged transaction,
reorganization, restructuring, merger or similar transaction
involving us that may adversely affect the holders. The existing
protective covenants applicable to the debt securities would
continue to apply to us in the event of a leveraged buyout
initiated or supported by us, our management, or any of our
affiliates or their management, but may not prevent such a
transaction from taking place.
Events of
Default.
The following are events of default with respect to
debt securities of any series:
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default for 30 days in payment when due of any interest on
any debt security of the series;
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default in payment when due of principal or premium, if any, or
in the making of a mandatory sinking fund payment of any debt
securities of the series;
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default or breach, for 60 days after notice from the
trustee or from the holders of at least 25% in aggregate
principal amount of the debt securities of the applicable series
then outstanding, in the performance of any other covenant or
warranty in the debt securities of the series, in the Indenture
or in any supplemental indenture or board resolution referred to
in the notice under which the debt securities of the series may
have been issued;
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default in the payment of principal when due or resulting in
acceleration of other indebtedness of ours for borrowed money
where the aggregate principal amount with respect to which the
default or acceleration has occurred exceeds $10 million
and the indebtedness is not discharged or acceleration is not
rescinded or annulled within ten days after written notice of
the default to us by the trustee or to us and the trustee by the
holders of at least 25% in aggregate principal amount of the
debt securities of the applicable series then outstanding,
provided that the event of default will be deemed cured or
waived if the default that resulted in the acceleration of the
other indebtedness is cured or waived or the indebtedness is
discharged;
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events of bankruptcy, insolvency or reorganization of
Lowes as more fully described in the Indenture; and
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any other event of default provided with respect to the debt
securities of that series. (Section 501).
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The applicable supplement will describe any additional events of
default that may be added to the Indenture for a particular
series of debt securities. (Section 301). No event of
default with respect to a particular series of debt securities
issued under the Indenture necessarily constitutes an event of
default with respect to any other series of debt securities
issued under the Indenture.
The Indenture provides that the trustee will, within
90 days after the occurrence of a default with respect to
debt securities of the series, give to the holders of those debt
securities notice of all uncured defaults known to it, provided
that:
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except in the case of default in payment of the principal,
premium, if any, interest or sinking fund deposit on the debt
securities of the series, the trustee may withhold the notice if
and so long as it in good faith determines that withholding the
notice is in the interest of the holders of the debt securities
of that series, and
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no notice of a default made in the performance of any covenant
or a breach of any warranty contained in the Indenture will be
given until at least 60 days after the occurrence thereof.
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Default means any event that is, or, after notice or
passage of time or both, would be, an event of default.
(Section 602).
If an event of default with respect to debt securities of any
series at the time outstanding occurs and is continuing, either
the trustee or the holders of at least 25% in aggregate
principal amount of the outstanding debt securities of the
series may declare the principal amount (or, if the debt
securities of the series are Original Issue Discount Securities,
the portion of the principal amount as may be specified in the
terms of the series) of all the debt securities of the series to
be due and payable immediately. At any time after making a
declaration of acceleration with respect to debt securities of
any series, but before obtaining a judgment or decree based on
acceleration, the holders of a majority in aggregate principal
amount of outstanding debt securities of the series may, in some
circumstances, rescind and annul the acceleration.
(Section 502).
The Indenture provides that, except for the duty of the trustee
in the case of an event of default to act with the required
standard of care, the trustee will be under no obligation to
exercise any of these rights or powers under the Indenture at
the request or direction of any of the holders, unless the
holders have offered reasonable indemnity to the trustee.
(Sections 601 and 603). Except as limited by the provisions
for the indemnification of the trustee and certain other
circumstances, the holders of a majority in aggregate principal
amount of the outstanding debt securities of each series will
have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the
trustee, or exercising any trust or power conferred on the
trustee with respect to the debt securities of the series.
(Section 512).
We are required to furnish annually to the trustee a statement
as to our performance of some of our obligations under the
Indenture and as to any default in our performance.
(Section 1005).
Global
Securities.
We may issue the debt securities of a series as one or more
fully registered global securities. We will deposit the global
securities with, or on behalf of, a depositary identified in the
applicable supplement relating to the series. We will register
the global securities in the name of the depositary or its
nominee. In such case, one or more global securities will be
issued in a denomination or aggregate denominations equal to the
aggregate principal amount of outstanding debt securities of the
series represented by the global security or securities. Until
any global security is exchanged in whole or in part for debt
securities in definitive certificated form, the depositary or
its nominee may not transfer the global certificate except as a
whole to each other, another nominee or to their successors and
except as described in the applicable supplement.
(Sections 303 and 305).
The applicable supplement will describe the specific terms of
the depositary arrangement with respect to a series of debt
securities that a global security will represent.
Modification
and Waiver of the Indenture.
We and the trustee may modify or amend the Indenture or the
terms of outstanding debt securities of any series without the
consent of any holder in order to, among other things:
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evidence the assumption of our obligations by a successor person
under the provisions of the Indenture relating to the
consolidations, mergers and sales of assets;
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add covenants or events of defaults for the benefit of the
holders of debt securities;
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surrender our rights or powers under the Indenture;
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provide for uncertificated debt securities;
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add guarantees with respect to debt securities or secure debt
securities;
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establish the forms or terms of debt securities;
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evidence the acceptance of appointment by a successor trustee;
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permit or facilitate the issuance of debt securities convertible
into other securities;
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modify or amend the Indenture in accordance with, or to permit
the qualification of the Indenture or any supplemental
indenture, under the Trust Indenture Act of 1939 as then in
effect; or
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cure any ambiguity or correct or supplement any inconsistency in
the Indenture.
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In addition, except as described below, we and the trustee may
modify or amend the Indenture with the consent of the holders of
a majority in principal amount of the debt securities of any
affected series. We must have the consent of the holders of all
of the affected outstanding debt securities to:
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change the stated maturity date of the principal of, or any
installment of principal of, premium, if any, or interest on,
any debt security;
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reduce the principal, interest or amount payable on redemption
of any debt security;
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change the method of calculation of any interest on any debt
security;
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reduce the amount of principal of a debt security payable on
acceleration of the maturity of the debt security;
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change the place or currency of payment of principal of, or
premium or interest on, any debt security;
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impair a holders conversion rights;
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impair a holders right to institute suit for the
enforcement of any payment on or with respect to any debt
security; or
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reduce the percentage in principal amount of the debt security,
the consent of whose holders is required for modification or
amendment of the indenture or for waiver of compliance with some
of the provisions of the indentures or for waiver of some of the
defaults.
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(Sections 901 and 902).
The holders of a majority in principal amount of the debt
securities of any affected series may, on behalf of the holders
of all the debt securities of such series, waive:
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our compliance with some of the restrictive provisions of the
Indenture, and
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any past default under the Indenture with respect to the debt
securities.
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They may not waive:
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a default in the payment of the principal of, or premium,
interest or sinking fund installment on, any debt
security, or
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a provision that, under the Indenture, requires the consent of
the holders of all of the affected outstanding debt securities
for modification or amendment.
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(Section 513).
Regarding
the Trustee.
The Bank of New York Mellon Trust Company, N.A. (as successor
trustee to Bank One, N.A. (formerly known as The First National
Bank of Chicago)) is the trustee under the Indenture. Notice to
the trustee should be directed to:
The Bank of New York
Mellon Trust Company, N.A.
Corporate Trust Office
101 Barclay Street
New York, New York 10007
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DESCRIPTION
OF OUR PREFERRED STOCK
General.
The following is a summary of some of the important terms of our
preferred stock. You should review the applicable North Carolina
law, our Restated Charter and our Bylaws for a more complete
description of our preferred stock.
Our Charter authorizes us to issue 5,000,000 shares of
preferred stock, par value $5.00 per share,
750,000 shares of which have been designated as
Participating Cumulative Preferred Stock, Series A. We may
amend our Charter from time to time to increase the number of
authorized shares of preferred stock. Such an amendment would
require the approval of the holders of the voting capital stock
entitled to vote on such an amendment in accordance with the
terms of our Charter. As of the date of this prospectus, we had
no shares of preferred stock outstanding.
The Board of Directors is authorized to designate the following
with respect to each new series of preferred stock:
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the title and stated value of the series;
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the number of shares in each series;
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the dividend rates and dates of payment;
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whether dividends will be cumulative and, if cumulative, the
date or dates from which they will be cumulative;
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voluntary and involuntary liquidation preferences and the
liquidation price and liquidation premium, if any, applicable to
the series;
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redemption prices;
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the sinking fund or purchase fund provisions, if any, for
redemption or purchase of shares;
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the rights, if any, and the terms and conditions on which shares
can be converted into or exchanged for, or the rights to
purchase, shares of any other class or series;
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the voting rights, if any; and
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any other applicable terms.
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We will pay dividends and make distributions in the event of our
liquidation, dissolution or winding up first to holders of our
preferred stock and then to holders of our common stock. The
Board of Directors ability to issue preferred stock, while
providing flexibility in connection with possible acquisitions
and other corporate purposes, could, among other things,
adversely affect the voting powers of holders of common stock
and, under some circumstances, may discourage an attempt by
others to gain control of us.
The terms of any series of preferred stock will be described in
a supplement to this prospectus. Nevertheless, the description
of the terms of any series of preferred stock in a supplement to
this prospectus will not be complete. You should refer to the
certificate of designation for the series of preferred stock for
complete information.
Miscellaneous.
The preferred stock, when issued in exchange for full
consideration, will be fully paid and nonassessable.
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DESCRIPTION
OF OUR COMMON STOCK
General.
The following is a summary of some of the terms of our common
stock. For a more complete description of our common stock, you
should review the applicable North Carolina law, our Restated
Charter and our Bylaws. We have filed copies of our Restated
Charter and our Bylaws with the SEC, and they are incorporated
by reference herein. See Where You Can Find More
Information.
Our Charter authorizes us to issue 5,600,000,000 shares of
common stock. As of August 28, 2009, we had approximately
1,477,558,822 shares of common stock outstanding. Each
share of common stock is entitled to one vote on all matters
submitted to a vote of shareholders. Holders of common stock are
entitled to receive dividends when our Board of Directors
declares them out of funds legally available therefor. Dividends
may be paid on the common stock only if all dividends on any
outstanding preferred stock have been paid or provided for.
The issued and outstanding shares of common stock are, and any
shares of common stock offered by a prospectus supplement upon
issuance and payment therefor will be, fully paid and
nonassessable. Holders of common stock have no preemptive or
conversion rights, and we may not make further calls or
assessments on our common stock.
In the event of our voluntary or involuntary dissolution,
liquidation or winding up, holders of common stock are entitled
to receive, pro rata, after satisfaction in full of the prior
rights of creditors and holders of preferred stock, if any, all
of our remaining assets available for distribution.
Directors are elected by a majority vote of the holders of
common stock voting at a meeting in person or by proxy. Holders
of common stock are not entitled to cumulative voting rights.
Computershare Trust Company, N.A. of Providence, Rhode Island,
acts as the transfer agent and registrar for the common stock.
Change of
Control Provisions.
Some provisions of our Charter and of North Carolina law govern
the rights of holders of common stock with the intention of
affecting any attempted change of control of Lowes.
Board of
Directors.
Continuing until after the Annual Meeting of Shareholders in
2010, our Charter classifies the Board of Directors into three
separate classes, with the term of one-third of the directors
expiring at each annual meeting. Having a classified Board makes
it more difficult for holders of our common stock to gain
control of the Board of Directors. Beginning with the 2011
Annual Meeting of Shareholders, and at each Annual Meeting
thereafter, all directors will be elected annually.
North
Carolina Shareholder Protection Act.
The North Carolina Shareholder Protection Act requires the
affirmative vote of 95% of our voting shares to approve a
business combination with any entity that beneficially owns 20%
of the outstanding voting shares of the corporation unless the
fair price provisions of the Act are satisfied.
14
PLAN OF
DISTRIBUTION
We may sell our securities in any of the following ways:
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to or through underwriters;
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to or through dealers;
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through agents;
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directly to purchasers through a specific bidding, ordering or
auction process or otherwise;
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through any combination of these methods of sale; or
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through any other methods described in a prospectus supplement.
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The prospectus supplement with respect to the securities being
offered will set forth the specific plan of distribution and the
terms of the offering, including:
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the names of any underwriters, dealers or agents;
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the purchase price of the securities and the proceeds we will
receive from the sale;
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any underwriting discounts, selling commissions, agency fees and
other items constituting underwriters, dealers or
agents compensation;
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any initial public offering price; and
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any discounts or concessions allowed or re-allowed or paid to
dealers or agents.
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We may designate agents to solicit purchases for the period of
their appointment and to sell securities on a continuing basis,
including pursuant to at the market offerings.
We may offer these securities to the public through underwriting
syndicates represented by managing underwriters or through
underwriters without a syndicate. If underwriters are used, we
will enter into an underwriting agreement with the underwriters
at the time of the sale of the securities and the securities
will be acquired by the underwriters for their own account. The
underwriters may resell the securities in one or more
transactions, including negotiated transactions at a fixed
public offering price or at varying prices determined at the
time of sale. Unless otherwise indicated in the applicable
supplement, the obligations of the underwriters to purchase the
securities will be subject to customary conditions precedent and
the underwriters will be obligated to purchase all the
securities offered if any of the securities are purchased.
Underwriters may sell securities to or through dealers, and the
dealers may receive compensation in the form of discounts,
concessions or commissions from the underwriters
and/or
commissions from the purchasers for whom they may act as agent.
Any initial public offering price and any discounts or
concessions allowed or reallowed or paid to dealers may be
changed from time to time.
Underwriters and agents may from time to time purchase and sell
the securities described in this prospectus and the applicable
supplement in the secondary market, but are not obligated to do
so. No assurance can be given that there will be a secondary
market for the securities or liquidity in the secondary market
if one develops. From time to time, underwriters and agents may
make a market in the securities.
In order to facilitate the offering of the securities, the
underwriters may engage in transactions that stabilize, maintain
or otherwise affect the price of these securities or any other
securities the prices of which may be used to determine payments
on these securities. Specifically, the underwriters may
over-allot in connection with the offering, creating a short
position in the debt securities for their own accounts. In
addition, to cover over-allotments or to stabilize the price of
the securities or of any other securities, the underwriters may
bid for, and purchase, the securities or any other securities in
the open market. Finally, in any offering of the securities
through a syndicate of underwriters, the underwriting syndicate
may reclaim selling concessions allowed to an underwriter or a
dealer for distributing the securities in the offering, if the
syndicate repurchases previously distributed securities in
transactions to cover syndicate short positions, in
stabilization transactions or otherwise. Any of these activities
may stabilize or maintain the market price of the securities
above
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independent market levels. The underwriters are not required to
engage in these activities, and may end any of these activities
at any time.
Underwriters named in an applicable supplement are, and dealers
and agents named in an applicable supplement may be, deemed to
be underwriters within the meaning of the Securities
Act of 1933 in connection with the securities offered thereby,
and any discounts or commissions they receive from us and any
profit on their resale of the securities may be deemed to be
underwriting discounts and commissions under the Securities Act
of 1933. We may have agreements with the underwriters, agents
and dealers to indemnify them against certain civil liabilities,
including liabilities under the Securities Act of 1933, or to
contribute to payments they may be required to make in respect
of these liabilities. Underwriters, agents or dealers and their
affiliates may be customers of, engage in transactions with or
perform services for Lowes Companies, Inc. or our
subsidiaries and affiliates in the ordinary course of business.
If indicated in an applicable supplement, we will authorize
dealers acting as our agents to solicit offers from some
institutions to purchase our securities at the public offering
price given in that supplement under Delayed Delivery
Contracts providing for payment and delivery on the date
or dates stated in such supplement. Each contract will be for an
amount not less than, and the aggregate principal amount of
securities sold under the contracts will not be less nor more
than, the respective amounts stated in the applicable
supplement. Institutions with whom contracts, when authorized,
may be made include commercial and savings banks, insurance
companies, pension funds, investment companies, educational and
charitable institutions and other institutions, but will in all
cases be subject to our approval. Contracts will not be subject
to any conditions except that:
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the purchase by an institution of the securities covered by its
contracts will not at the time of delivery be prohibited under
the laws of any jurisdiction in the United States to which such
institution is subject, and
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if the securities are being sold to underwriters, we will have
sold to the underwriters the total principal amount of the
securities less the principal amount covered by contracts.
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One or more firms, referred to as remarketing firms,
may also offer or sell the securities, if the applicable
supplement so indicates, in connection with a remarketing
arrangement upon their purchase. Remarketing firms will act as
principals for their own accounts or as agents for us. These
remarketing firms will offer or sell the securities in
accordance with a redemption or repayment pursuant to the terms
of the securities. The applicable supplement will identify any
remarketing firm and the terms of its agreement, if any, with us
and will describe the remarketing firms compensation.
Remarketing firms may be deemed to be underwriters in connection
with the securities they remarket. Remarketing firms may be
entitled under agreements that may be entered into with us to
indemnification against and contribution toward certain civil
liabilities, including liabilities under the Securities Act of
1933 and may be customers of, engage in transactions with or
perform services for us or our subsidiaries in the ordinary
course of business.
Unless indicated in the applicable supplement, we do not expect
to apply to list any series of debt securities on a securities
exchange.
LEGAL
MATTERS
The validity of the securities will be passed upon for us by
Moore & Van Allen PLLC, Charlotte, North Carolina. Any
underwriters, dealers or agents will be advised by their own
legal counsel concerning issues relating to any offering.
EXPERTS
The consolidated financial statements and related consolidated
financial statement schedule, incorporated in this prospectus by
reference from the Lowes Companies, Inc. and subsidiaries
(the Company) Annual Report on
Form 10-K
for the fiscal year ended January 30, 2009, and the
effectiveness of the Companys internal control over
financial reporting have been audited by Deloitte &
Touche LLP, an
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independent registered public accounting firm, as stated in
their reports, which are incorporated herein by reference. Such
consolidated financial statements and financial statement
schedule have been so incorporated in reliance upon the reports
of such firm given upon their authority as experts in accounting
and auditing.
With respect to the unaudited consolidated interim financial
information for the fiscal three-month periods ended May 1,
2009 and May 2, 2008 and for the fiscal three and six-month
periods ended July 31, 2009 and August 1, 2008 which
is incorporated herein by reference, Deloitte & Touche
LLP, an independent registered public accounting firm, have
applied limited procedures in accordance with the standards of
the Public Company Accounting Oversight Board (United States)
for a review of such information. However, as stated in their
reports included in the Companys Quarterly Reports on
Form 10-Q
for the quarters ended May 1, 2009 and July 31, 2009
and incorporated by reference herein, they did not audit and
they do not express an opinion on that interim consolidated
financial information. Accordingly, the degree of reliance on
their reports on such information should be restricted in light
of the limited nature of the review procedures applied.
Deloitte & Touche LLP are not subject to the liability
provisions of Section 11 of the Securities Act of 1933 for
their reports on the unaudited interim consolidated financial
information because those reports are not reports or
a part of the registration statement prepared or
certified by an accountant within the meaning of Sections 7
and 11 of the Act.
WHERE YOU
CAN FIND MORE INFORMATION
We file annual, quarterly and current reports, proxy statements
and other information with the SEC. You may obtain any document
we file through the SECs web site at http://www.sec.gov or
at the SECs Public Reference Room located at 100 F Street,
N.E., Washington, D.C. 20549. Please call
1-800-SEC-0330
for further information on the operation of the Public Reference
Room. Our SEC filings are also available at the offices of the
New York Stock Exchange, 20 Broad Street, New York, New
York 10005 and on our website at http://www.lowes.com. The
information on our web site is not a part of this prospectus or
any applicable supplement.
INCORPORATION
OF INFORMATION FILED WITH THE SEC
The SEC allows us to incorporate by reference into
this prospectus the information we file with the SEC, which
means:
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incorporated documents are considered part of this prospectus;
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we can disclose important information to you by referring you to
those documents; and
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information we file with the SEC will automatically update and
supersede the information in this prospectus and any information
that was previously incorporated.
|
We incorporate by reference into this prospectus the documents
listed below and all future filings we make with the SEC under
Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act
(excluding, in each case, any information or documents deemed to
be furnished and not filed with the SEC), until we terminate
this offering:
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our Annual Report on
Form 10-K
for the fiscal year ended January 30, 2009;
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our Quarterly Reports on
Form 10-Q
for the quarters ended May 1, 2009 and July 31, 2009;
and
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the description of our common stock contained in our
Registration Statement on
Form 8-A
filed under the Exchange Act, including any amendment or report
filed for the purpose of updating such description.
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You can obtain any of the filings incorporated by reference into
this prospectus through us, or from the SEC through the
SECs web site or at the address listed above. Documents
incorporated by reference are available from us without charge,
excluding any exhibits to those documents unless the exhibit is
specifically
17
incorporated by reference as an exhibit in this prospectus. You
can obtain documents incorporated by reference into this
prospectus by requesting them in writing or by telephone from us
at the following address:
Lowes Companies, Inc.
Attn: Investor Relations
1000 Lowes Boulevard
Mooresville, North Carolina 28117
Telephone:
(704) 758-1000
Any statement contained in a document incorporated by reference
herein shall be deemed to be modified or superseded for purposes
of the prospectus to the extent that a statement contained
herein or in any other subsequently filed document that is
incorporated by reference herein modifies or supersedes such
earlier statement. Any such statement so modified or superseded
shall not be deemed, except as so modified or superseded, to
constitute a part of the prospectus.
18
PART II
Information
Not Required in Prospectus
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Item 14.
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Other
Expenses of Issuance and Distribution.
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The following is a statement of the expenses (all of which are
estimated) to be incurred by Lowes Companies, Inc. (the
Company) in connection with a distribution of
securities registered under this registration statement.
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SEC registration fee
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$
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*
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Fees and expenses of accountants
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$
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**
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Fees and expenses of legal counsel
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$
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**
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Printing fees
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$
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**
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Rating agency fees
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$
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**
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Trustees fees and expenses
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$
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**
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Miscellaneous
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$
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**
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Total
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$
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**
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* |
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To be deferred pursuant to Rules 456(b) and 457(r) under
the Securities Act of 1933. |
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** |
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The applicable prospectus supplement will set forth the
estimated aggregate amount of expenses payable with respect to
any offering of securities. |
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Item 15.
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Indemnification
of Directors and Officers.
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The following summary is qualified in its entirety by reference
to the Companys Restated Charter, Bylaws and the sections
of the North Carolina Business Corporation Act (the
NCBCA) referred to below.
Sections 55-8-50 through 55-8-58 of the NCBCA and the
Companys Bylaws provide for indemnification of the
Companys directors and officers in a variety of
circumstances, which may include liabilities under the
Securities Act of 1933, as amended.
The NCBCA provides directors and officers with a right to
indemnification when the director or officer has been wholly
successful, on the merits or otherwise, in defense of any
proceeding to which he was a party because he is or was a
director or officer of the corporation. The NCBCA also permits a
corporation to indemnify directors and officers who met a
certain standard of conduct. Directors and officers are also
entitled to apply to a court for an order requiring the
corporation to indemnify the director or officer in a particular
case. The court may grant such an order if it determines the
director or officer is fairly and reasonably entitled to
indemnification in view of all the relevant circumstances. The
Companys Restated Charter provides that, to the full
extent permitted by the NCBCA, the Company shall indemnify any
director from any liability incurred as a director.
The NCBCA also authorizes a corporation to indemnify directors
and officers beyond the indemnification rights granted by law.
Article IV of the Companys Bylaws provides that any
person who serves or has served as a director or officer of the
Company, or in such capacity at the request of the Company for
any other corporation, partnership, joint venture, trust or
other enterprise, will be indemnified by the Company to the
fullest extent permitted by law against (i) reasonable
expenses, including attorneys fees, actually and
necessarily incurred by such person in connection with any
threatened, pending or completed action, suit or proceeding
seeking to hold such person liable by reason of the fact that he
or she is or was acting in such capacity, and (ii) payments
made by such person in satisfaction of any judgment, money
decree, fine, penalty or reasonable settlement for which he or
she may have become liable in any such action, suit or
proceeding. The Companys Bylaws provide that the Company
may not, however, indemnify any person against liability or
litigation expense he or she may incur on account of his or her
activities which were at the time they were taken known or
believed by
II-1
such person to be clearly in conflict with the best interests of
the Company. Also, the Bylaws provide that the Company may not
indemnify any director with respect to any liability arising out
of
Section 55-8-33
of the NCBCA (relating to unlawful declaration of dividends) or
any transaction from which the director derived an improper
personal benefit as provided in
Section 55-2-02(b)(3)
of the NCBCA.
The Companys Restated Charter provides that, to the full
extent permitted by the NCBCA, a director of the Company shall
not be liable for monetary damages for breach of any duty as a
director.
Section 55-2-02(3)
of the NCBCA currently permits North Carolina corporations to
limit the liability of a director for monetary damages for
breach of any duty as a director, except for liability with
respect to (i) acts or omissions not made in good faith
that the director at the time of the breach knew or believed
were in conflict with the best interests of the corporation,
(ii) unlawful distributions, (iii) any transaction
from which the director or officer derived an improper personal
benefit and (iv) acts or omissions occurring prior to the
date the provision of the Companys Charter limiting the
liability of its directors became effective.
In addition, Section 55-8-30(d) of the NCBCA provides that a
director is not liable for any action taken as a director, or
any failure to take any action, if he or she performed the
duties of his or her office in compliance with the general
standards of conduct applicable to directors of North Carolina
corporations.
The Company maintains an insurance policy for the benefit of
directors and officers insuring them against claims that are
made against them by reason of any wrongful act (as defined)
committed in their capacity as directors or officers.
The following documents are filed as exhibits to this
Registration Statement, including those exhibits incorporated
herein by reference to a prior filing of the Company under the
Securities Act or the Exchange Act as indicated in parenthesis:
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Exhibit No.
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Description
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1
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.1*
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Form of Underwriting Agreement
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3
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.1
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Restated Charter of Lowes Companies, Inc. (incorporated by
reference to Exhibit 3.1 to the Companys Quarterly
Report on
Form 10-Q
for the quarter ended July 31, 2009)
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3
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.2
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Bylaws of Lowes Companies, Inc. (incorporated by reference
to Exhibit 3.1 to the Companys Current Report on
Form 8-K
filed August 28, 2008)
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4
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.1
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Amended and Restated Indenture, dated as of December 1,
1995, between Lowes Companies, Inc. and The Bank of New
York Trust Company, N.A. (as successor trustee to Bank One, N.A.
(formerly known as The First National Bank of Chicago))
(incorporated by reference to Exhibit 4.1 to the
Companys Current Report on Form 8-K filed
December 15, 2005)
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4
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.2*
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Form of Debt Security
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4
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.3*
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Form of Certificate of Designation
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4
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.4*
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Form of Preferred Stock Certificate
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5
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.1
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Opinion of Moore & Van Allen PLLC regarding the
validity of the securities being registered
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12
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.1
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Computation of Ratio of Earnings to Fixed Charges (incorporated
by reference to Exhibit 12.1 to the Companys Quarterly
Report on Form 10-Q for the quarter ended July 31,
2009)
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15
|
.1
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Deloitte & Touche LLP Letter re: Unaudited Interim
Financial Information
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23
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.1
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Consent of Deloitte & Touche LLP
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23
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.2
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Consent of Moore & Van Allen PLLC (included in
Exhibit 5.1)
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24
|
.1
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Power of Attorney (included on signature page)
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25
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.1
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Statement of Eligibility under the Trust Indenture Act of 1939
on Form T-1 of The Bank of New York Mellon Trust Company,
N.A.
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* |
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To be filed as an exhibit to an Annual Report on
Form 10-K,
a Quarterly Report on
Form 10-Q
or a Current Report on
Form 8-K
and incorporated by reference herein or by post-effective
amendment, in either case, as required by the rules of the SEC. |
II-2
The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are
being made, a post-effective amendment to this registration
statement:
(i) To include any prospectus required by
Section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events
arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change
in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than a 20 percent change in the
maximum aggregate offering price set forth in the
Calculation of Registration Fee table in the
effective registration statement; and
(iii) To include any material information with respect to
the plan of distribution not previously disclosed in the
registration statement or any material change to such
information in the registration statement;
provided, however, that paragraphs (1)(i), (1)(ii)
and (1)(iii) do not apply if the registration statement is on
Form S-3,
and the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with
or furnished to the Commission by the undersigned registrant
pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934 that are incorporated by
reference in the registration statement, or is contained in a
form of prospectus filed pursuant to Rule 424(b) that is
part of the registration statement.
(2) That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
bona fide offering thereof.
(3) To remove from registration by means of a
post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering.
(4) That, for the purpose of determining liability under
the Securities Act of 1933 to any purchaser:
(i) Each prospectus filed by the undersigned registrant
pursuant to Rule 424(b)(3) shall be deemed to be part of
the registration statement as of the date the filed prospectus
was deemed part of and included in the registration
statement; and
(ii) Each prospectus required to be filed pursuant to
Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration
statement in reliance on Rule 430B relating to an offering
made pursuant to Rule 415(a)(1)(i), (vii) or
(x) for the purpose of providing the information required
by Section 10(a) of the Securities Act of 1933 shall be
deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first
used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus.
As provided in Rule 430B, for liability purposes of the
issuer and any person that is at that date an underwriter, such
date shall be deemed to be a new effective date of the
registration statement relating to the securities in the
registration statement to which the prospectus relates, and the
offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof. Provided,
however, that no statement made in a registration statement
or prospectus that is part of the registration statement or made
in a document
II-3
incorporated or deemed incorporated by reference into the
registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of
contract of sale prior to such effective date, supersede or
modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or
made in any such document immediately prior to such effective
date.
(5) That, for the purpose of determining liability of the
registrant under the Securities Act of 1933 to any purchaser in
the initial distribution of the securities, the undersigned
registrant undertakes that in a primary offering of securities
of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell
the securities to the purchaser, if the securities are offered
or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to
the purchaser and will be considered to offer or sell such
securities to such purchaser:
(i) Any preliminary prospectus or prospectus of the
undersigned registrant relating to the offering required to be
filed pursuant to Rule 424;
(ii) Any free writing prospectus relating to the offering
prepared by or on behalf of the undersigned registrant or used
or referred to by the undersigned registrant;
(iii) The portion of any other free writing prospectus
relating to the offering containing material information about
the undersigned registrant or its securities provided by or on
behalf of the undersigned registrant; and
(iv) Any other communication that is an offer in the
offering made by the undersigned registrant to the purchaser.
(6) That, for purposes of determining any liability under
the Securities Act of 1933, each filing of the registrants
annual report pursuant to Section 13(a) or
Section 15(d) of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit plans
annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in
this registration statement shall be deemed to be a new
registration statement relating to the securities offered
therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers
and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the undersigned registrant
has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public
policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of
expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities
being registered, the undersigned registrant will, unless in the
opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be
governed by the final adjudication of such issue.
II-4
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on
Form S-3
and has duly caused this Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the
City of Mooresville, State of North Carolina, on August 30,
2009.
LOWES COMPANIES, INC.
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By :
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/s/ Gaither
M. Keener, Jr.
|
Gaither M. Keener, Jr.
Senior Vice President, General Counsel,
Secretary and Chief Compliance Officer
POWER OF
ATTORNEY
Each of the undersigned directors and officers of the above
named Registrant, by his or her execution hereof, hereby
constitutes and appoints Gaither M. Keener, Jr. and Robert F.
Hull, Jr., and each of them, with full power of substitution, as
his or her true and lawful attorneys-in-fact and agents, to do
any and all acts and things for him or her, and in his or her
name, place and stead, to execute and sign any and all
amendments (including post-effective amendments) and supplements
to such Registration Statement and any additional registration
statement pursuant to Rule 462(b) under the Securities Act
of 1933, and file the same, together with all exhibits and
schedules thereto and all other documents in connection
therewith, with the SEC and with such state securities
authorities as may be appropriate, granting unto said
attorneys-in-fact, and each of them, full power and authority to
do and perform each and every act and thing requisite, necessary
or advisable to be done in and about the premises, as fully and
to all intents and purposes as the undersigned might or could do
in person, and hereby ratifying and confirming all the acts of
said attorneys-in-fact and agents, or any of them, which they
may lawfully do in the premises or cause to be done by virtue
hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons
in the capacities and on the dates indicated:
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Signature
|
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Title
|
|
Date
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/s/ Robert
A. Niblock
Robert
A. Niblock
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|
Chairman of the Board of Directors,
Chief Executive Officer and Director
(Principal Executive Officer)
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September 1, 2009
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|
/s/ Robert
F. Hull, Jr.
Robert
F. Hull, Jr.
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|
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
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|
September 1, 2009
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|
|
/s/ Matthew
V. Hollifield
Matthew
V. Hollifield
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|
Senior Vice President and
Chief Accounting Officer
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|
September 1, 2009
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|
/s/ David
W. Bernauer
David
W. Bernauer
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|
Director
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|
September 1, 2009
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|
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|
/s/ Leonard
L. Berry, Ph.D.
Leonard
L. Berry, Ph.D.
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|
Director
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|
September 1, 2009
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/s/ Peter
C. Browning
Peter
C. Browning
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Director
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|
September 1, 2009
|
II-5
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|
|
Signature
|
|
Title
|
|
Date
|
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/s/ Dawn
E. Hudson
Dawn
E. Hudson
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|
Director
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|
September 1, 2009
|
|
|
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|
/s/ Robert
A. Ingram
Robert
A. Ingram
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|
Director
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|
September 1, 2009
|
|
|
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|
/s/ Robert
L. Johnson
Robert
L. Johnson
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|
Director
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|
September 1, 2009
|
|
|
|
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|
/s/ Marshall
O. Larsen
Marshall
O. Larsen
|
|
Director
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|
September 1, 2009
|
|
|
|
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/s/ Richard
K. Lochridge
Richard
K. Lochridge
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Director
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|
September 1, 2009
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|
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/s/ Stephen
F. Page
Stephen
F. Page
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Director
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|
September 1, 2009
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/s/ O.
Temple Sloan, Jr.
O.
Temple Sloan, Jr.
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Director
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September 1, 2009
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II-6
Exhibit Index
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Exhibit No.
|
|
Description
|
|
|
1
|
.1*
|
|
Form of Underwriting Agreement
|
|
3
|
.1
|
|
Restated Charter of Lowes Companies, Inc. (incorporated by
reference to Exhibit 3.1 to the Companys Quarterly
Report on
Form 10-Q
for the quarter ended July 31, 2009)
|
|
3
|
.2
|
|
Bylaws of Lowes Companies, Inc., as amended and restated
August 22, 2008 (incorporated by reference to
Exhibit 3.1 to the Companys Current Report on
Form 8-K
filed August 28, 2008)
|
|
4
|
.1
|
|
Amended and Restated Indenture, dated as of December 1,
1995, between Lowes Companies, Inc. and The Bank of New
York Trust Company, N.A. (as successor trustee to Bank One, N.A.
(formerly known as The First National Bank of Chicago))
(incorporated by reference to Exhibit 4.1 to the
Companys Current Report on Form 8-K filed
December 15, 2005)
|
|
4
|
.2*
|
|
Form of Debt Security
|
|
4
|
.3*
|
|
Form of Certificate of Designation
|
|
4
|
.4*
|
|
Form of Preferred Stock Certificate
|
|
5
|
.1
|
|
Opinion of Moore & Van Allen PLLC regarding the
validity of the securities being registered
|
|
12
|
.1
|
|
Computation of Ratio of Earnings to Fixed Charges (incorporated
by reference to Exhibit 12.1 to the Companys Quarterly
Report on Form 10-Q for the quarter ended July 31,
2009)
|
|
15
|
.1
|
|
Deloitte & Touche LLP Letter re: Unaudited Interim
Financial Information
|
|
23
|
.1
|
|
Consent of Deloitte & Touche LLP
|
|
23
|
.2
|
|
Consent of Moore & Van Allen PLLC (included in
Exhibit 5.1)
|
|
24
|
.1
|
|
Power of Attorney (included on signature page)
|
|
25
|
.1
|
|
Statement of Eligibility under the Trust Indenture Act of 1939
on Form T-1 of The Bank of New York Mellon Trust Company,
N.A.
|
|
|
|
* |
|
To be filed as an exhibit to an Annual Report on
Form 10-K,
a Quarterly Report on
Form 10-Q
or a Current Report on
Form 8-K
and incorporated by reference herein or by post-effective
amendment, in either case, as required by the rules of the SEC. |