Lowe's Cos. prices $1 billion notes offering

Mooresville, N.C. Lowe's Cos. earlier this week priced an offering of $1 billion in notes.

The home-improvement retailer has agreed to sell $500 million of 4.625% notes due in 2020 and $500 million of 5.8% notes due 2040.

The company estimates it will receive $990.7 million in proceeds from the offering. Lowe's plans to use $500 million of the net proceeds to repay its 8.25% notes due June 1, and the balance for general corporate purchases, including a buyback of its common stock.

The offering is expected to close on Thursday.