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LOWE'S ISSUES 3 PERCENT CONVERTIBLE SUBORDINATED NOTES DUE JULY 22, 2003

 NORTH WILKESBORO, N.C., July 22 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) announced completion of the offering and sale of $287,500,000 aggregate principal amount of its 3 percent Convertible Subordinated Notes due July 22, 2003 (NYSE: LOW 03). The Notes are convertible into Lowe's Common Stock at the conversion rate of 19.136 shares of common stock per each $1,000 principal amount. The Notes were issued at an original price of $880.27 per $1,000 principal amount, which represented an Original Issue Discount of 11.937 percent payable at maturity. Annual interest on the Notes at 3 percent and accrual of Oringial Issue Discount represents an annual yield to maturity of 4 1/2 percent.
 The Notes are rated Baal by Moody's and BBB+ by Standard & Poor's.
 Proceeds from the sale of the Notes will be used to fund a portion of the acceleration of Lowe's store expansion program. The strategy is to transform Lowe's from a chain of small stores into a chain of destination home center super stores. Plans call for opening a total of 100 to 120 large stores in fiscal years 1993 and 1994 -- a unit expansion rate of approximately 35 percent over the two-year period. Although about half of the new stores will replace existing smaller stores, Lowe's retail selling space is expected to approximately double to nearly 20 million square feet by the end of fiscal 1994. A portion of the proceeds may be used to repay short-term, indebtedness and for general corporate purposes.
 Lowe's is a specialty retailer of building materials and related products for the do-it-yourself home improvement, home decor, and home construction, repair and remodeling markets. Lowe's operates 301 retail stores with more than 10.0 million square feet of retail space in 20 states located principally in the South Atlantic and South Central regions of the United States. According to National Home Center News, an industry publication, Lowe's is the second largest home center retailer in the United States.
 -0- 7/22/93
 /CONTACT: W. Cliff Oxford or Clarissa S. Felts, Lowe's Companies, 919-651-4631 or 919-651-4254/
 (LOW)


CO: Lowe's Companies, Inc. ST: North Carolina IN: REA SU:

MM -- CH017 -- 4750 07/22/93 16:28 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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