BY KATIE QUINONEZ
Lowe's Industries announced Larry D. Stone would retire from his position as President and Chief Operating Officer of the company June 12, 2011, according to the company's U.S. Security and Exchange Commission 8-K form, which was released Jan. 28, 2011. Stone's decision to retire was not based on a disagreement with the company, according to the 8-K form. According to form E424B2 released Nov. 18, 2010, Lowe's stated its 2.125% notes would mature April 15, 2016 and the 3.750% notes April 15, 2021. The amounts to be registered are $475 million and $525 million respectively. Lowe's stated the use of the net proceeds, totaling at approximately $994 million after deducting estimated offering expenses, will be for general corporate purposes, including capital expenditures and working capital needs. Lowe's also stated they would use net proceeds to repurchase shares of common stock.
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