UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On January 17, 2023, Lowe’s Companies, Inc. (the “Company”) entered into Amendment No. 1 to Third Amended and Restated Credit Agreement (“Amendment No. 1”) with Bank of America, N.A., as administrative agent, swing line lender and a letter of credit issuer, and the other lenders party thereto. Amendment No. 1 amended that certain Third Amended and Restated Credit Agreement, dated as of December 14, 2021, by and among the Company, Bank of America, N.A., as administrative agent, swing line lender and a letter of credit issuer, U.S. Bank National Association and Wells Fargo Bank, National Association, as co-syndication agents and letter of credit issuers, Citibank, N.A., Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A. and Barclays Bank PLC, as co-documentation agents, and the other lenders party thereto (as amended, the “2021 Credit Agreement”).
Also on January 17, 2023, the Company entered into Amendment No. 2 to Credit Agreement (“Amendment No. 2” and, together with Amendment No. 1, the “Amendments”) with Bank of America, N.A., as administrative agent, swing line lender and a letter of credit issuer, and the other lenders party thereto. Amendment No. 2 amended that certain Credit Agreement, dated as of March 23, 2020, by and among the Company, Bank of America, N.A., as administrative agent, swing line lender and a letter of credit issuer, U.S. Bank National Association, as syndication agent and a letter of credit issuer, Citibank, N.A., Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as co-documentation agents, and the other lenders party thereto (as amended by Amendment No. 1 to Credit Agreement, dated as of December 14, 2021, and as further amended by Amendment No. 2, the “2020 Credit Agreement” and, together with the 2021 Credit Agreement, the “Credit Agreements”). Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Credit Agreements.
The Amendments amended the Credit Agreements to, among other things: (i) replace the LIBOR-based Eurocurrency reference interest rate option with a reference interest rate option based upon Term SOFR and (ii) amend the negative covenant relating to asset dispositions to only prohibit dispositions of all or substantially all of the assets of the Company.
The foregoing description of the Amendments does not purport to be complete and is qualified in its entirety by reference to the full text of Amendment No. 1 and Amendment No. 2, copies of which are filed herewith as Exhibit 10.1 and Exhibit 10.2, respectively, and incorporated herein by reference.
Certain lender parties to the Amendments and certain of their respective affiliates have performed in the past, and may from time to time perform in the future, banking, investment banking and/or other advisory services for the Company and its affiliates for which they have received, and/or will receive, customary fees and expenses.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The disclosure required by this Item 2.03 and included in Item 1.01 above is incorporated by reference into this Item 2.03.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits:
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: January 23, 2023 | LOWE’S COMPANIES, INC. | |||||
| By: | /s/ Dan C. Griggs, Jr. | |||||
| Name: | Dan C. Griggs, Jr. | |||||
| Title: | Senior Vice President, Tax and Chief Accounting Officer | |||||