Filed Pursuant to Rules 424(b)(3) and 424(c)
Registration No. 333-60434
$1,005,000,000
LOWE'S COMPANIES, INC.
Liquid Yield Option(TM) Notes due 2021
(Zero Coupon - Senior)
---------------------
FIRST PROSPECTUS SUPPLEMENT DATED JULY 17, 2002
TO
PROSPECTUS DATED MAY 29, 2002
---------------------
This Prospectus Supplement amends the table of Selling Securityholders
appearing on pages 34-36 of the Prospectus dated May 29, 2002, (i) to list
additional selling securityholders and (ii) to update the positions of
previously disclosed selling securityholders, based on completed investor
questionnaires and trade execution orders submitted to Lowe's on or before July
16, 2002.
SELLING SECURITYHOLDERS
The LYONs were originally issued by us and sold by Merrill Lynch,
Pierce, Fenner & Smith Incorporated in a transaction exempt from the
registration requirements of the Securities Act to persons reasonably believed
by Merrill Lynch to be "qualified institutional buyers" (as defined by Rule 144A
under the Securities Act). The selling securityholders (which term includes
their transferees, pledgees, donees or successors) may from time to time offer
and sell pursuant to this Prospectus any and all of the LYONs and the shares of
common stock issuable upon conversion and/or redemption of the LYONs.
Set forth below are the names of each selling securityholder, the
principal amount of LYONs that may be offered by such selling securityholder
pursuant to this Prospectus, and the number of shares of common stock into which
such LYONs are convertible. Unless set forth below, none of the selling
securityholders has had a material relationship with us or any of our
predecessors or affiliates within the past three years.
The following table sets forth certain information received by us on or
prior to July 16, 2002. However, any or all of the LYONs or common stock listed
below may be offered for sale pursuant to this Prospectus by the selling
securityholders from time to time. Accordingly, no estimate can be given as to
the amounts of LYONs or common stock that will be held by the selling
securityholders upon consummation of any such sales.
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Name Aggregate Percentage of Common Stock Owned Common Stock
Principal LYONs Prior to Conversion Registered
Amount of LYONs Outstanding Hereby
at Maturity
that May be Sold
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Allstate Insurance Company 500,000 0.05% 0 8,224
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Allstate Life Insurance Company 4,405,000 0.44% 0 72,453
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Arpeggio Fund LP 4,500,000 0.45% 0 74,016
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Associated Electric & Gas Insurance 1,100,000 0.11% 0 18,092
Services Limited
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CA State Automobile Assn. Inte-Insurance 1,000,000 0.10% 0 16,448
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
California Public Employees' Retirement 2,000,000 0.20% 3,114,560 32,896
System
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Cater Allen International Limited 11,500,000 1.14% 0 189,152
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
CIBC World Markets 7,000,000 0.70% 0 115,136
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
CitiSam Fund-Ltd. 11,500,000 1.14% 0 189,152
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Commonwealth Professional Assurance 540,000 0.05% 0 8,881
Company, c/o Income Research &
Management
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Conseco Annuity Assurance Company 2,500,000 0.25% 0 41,120
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Conseco Fund Group - Conseco 250,000 0.02% 0 4,112
Convertible Securities Fund
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Credit Industriel D'Alsace et De Lorraine 9,400,000 0.94% 0 154,611
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Credit Suisse First Boston Corporation 200,000 0.02% 0 3,289
(amount change)
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Deutsche Bank AG- London 16,000,000 1.59% 0 263,168
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Deutsche Bank Securities Inc. 250,000 0.02% 0 4,112
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
EQAT/Alliance Growth Investors 1,565,000 0.16% 0 25,741
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Equitable Life Assurance Separate Account 90,000 0.01% 0 1,480
-- Balanced
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Equitable Life Assurance Separate Account 1,000 0.00% 0 16
-- Convertibles
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Excellus Health Plan; Formerly Blue 500,000 0.05% 0 8,224
Cross/Blue Shield of Rochester,
c/o Income Research and Management
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Federated Equity Funds 17,000,000 1.69% 0 279,616
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
GLG Market Neutral Fund 16,000,000 1.59% 0 263,168
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
IMF Convertible Fund 2,000,000 0.20% 0 32,896
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Investcorp Sam Fund Limited 10,800,000 1.07% 0 177,638
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
KBC Financial Products USA 500,000 0.05% 0 8,224
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Lehman Brothers Inc. 350,000 0.03% 0 5,756
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Liberty View Fund LLC 500,000 0.05% 0 8,224
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Liberty View Funds L.P. 4,500,000 0.45% 0 74,016
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Lutheran Brotherhood 1,500,000 0.15% 14,160 24,672
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Lydian Overseas Partners Master Fund 22,025,000 2.19% 0 362,267
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
McMahan Securities Co. L.P. 1,150,000 0.11% 0 18,915
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Name Aggregate Percentage of Common Stock Owned Common Stock
Principal LYONs Prior to Conversion Registered
Amount of LYONs Outstanding Hereby
at Maturity
that May be Sold
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Med America Insurance, 1,850,000 0.18% 0 30,428
c/o Income Research and Management
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Med American New York Insurance, 1,315,000 0.13% 0 21,629
c/o Income Research and Management
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Morgan Stanley Int'l Limited 15,000,000 1.49% 0 246,720
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Northern Income Equity Fund 4,000,000 0.40% 0 65,792
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Oppenheimer Convertible Securities Fund 8,000,000 0.80% 0 131,584
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Physicians Life 314,000 0.03% 0 5,164
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
PIMCO Convertible Fund 1,000,000 0.10% 0 16,448
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Principal Investors Fund, Inc. on 150,000 0.01% 0 2,467
behalf of its Partners Large Cap Blend Fund
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Principal Investors Fund, Inc. on 160,000 0.02% 0 2,631
behalf of its Principal Partners Large
Cap Blend Fund, Inc.
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Rhapsody Fund, LP 20,000,000 1.99% 0 328,960
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Royal Bank of Canada 6,300,000 0.63% 188,711 103,622
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Salomon Brothers Asset Management, Inc. 550,000 0.05% 0 9,046
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
S.G. Cowen Securities Corp. 5,000,000 0.50% 0 82,240
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Southern Farm Bureau Life Insurance 870,000 0.09% 0 14,309
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Starvest Managed Portfolio 30,000 0.00% 0 493
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
State of Florida, Division of Treasury 2,255,000 0.22% 0 37,090
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
State of Florida, Office of the Treasurer 3,500,000 0.35% 0 57,568
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
State of Mississippi Health Care Trust Fund 905,000 0.09% 0 14,885
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
The Northwest Convertible Arbitrage Fund 27,500,000 2.74% 0
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Tokai Asia Limited 34,000,000 3.38% 0 559,232
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Triborough Partners QP, LLC 2,000,000 0.20% 0 32,896
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Tufts Associated Health Plans, 650,000 0.06% 0 10,691
c/o Income Research & Management
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
UBS Warburg L.L.C. 6,319,000 0.63% 0 103,934
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
University of Massachusetts, 130,000 0.01% 0 2,138
c/o Income Research & Management
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Vanguard Convertible Securities Fund, Inc. 495,000 0.05% 0 8,141
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Victory Capital Management as Agent for the 85,000 0.01% 0 1,398
Charitable Income Fund
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Victory Capital Management as Agent for the 130,000 0.01% 0 2,138
Key Trust Fixed Income Fund
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Registered Shares Not Sold 293,634,000 29.22% 4,829,692
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Total Registered Shares Sold 707,897,000 70.44% 11,643,489
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
All Other Beneficial Holders 3,469,000 0.34% 57,058
--------------------------------------------- ----------------- ---------------- -------------------- ----------------
Total 1,005,000,000 100.00% 16,530,240
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