Lowe's calls two series of convertibles due 2021

By Jennifer Chiou

New York, May 30 - Lowe's Cos. Inc. announced the redemption of its $20 million of convertible notes due 2021 that were issued in February 2001 and its $579 million of senior convertible notes issued in October 2001.

The Mooresville, N.C.-based home improvement company said it will pay $875.73 per senior convertible, the issue price plus the accrued original discount to the June 30 redemption date.

The senior convertibles are convertible at the option of the holders into 34.424 shares of Lowe's common stock until June 26.

The other convertibles will be redeemed at $730.71 per note, equal to the sum of the issuance price plus the accrued original issue discount. The notes are convertible at the option of the holders into 32.896 shares of Lowe's common stock until June 30.

The trustee is Bank of New York.

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