Conversion Right Triggered for LabCorp’s Zero Coupon Convertible Subordinated Notes Due 2021
October 02 2017 - 8:45AM
Business Wire
LabCorp® (NYSE: LH) announced today that its Zero Coupon
Convertible Subordinated Notes due 2021 (Zero Coupon Notes) may be
converted as set forth below.
The Zero Coupon Notes are convertible into cash and Common Stock
of LabCorp, if any, subject to the terms of the Zero Coupon Notes
and the Indenture, dated as of October 24, 2006 between LabCorp and
The Bank of New York Mellon, as trustee (Trustee) and the
conversion agent.
In order to exercise the option to convert all or a portion of
the Zero Coupon Notes, holders must validly surrender their Zero
Coupon Notes at any time during the calendar quarter through the
close of business at 5:00 p.m., New York City time, on Friday,
December 29, 2017. The Trustee has informed LabCorp that, as of
this date, all custodians and beneficial holders of the Zero Coupon
Notes hold the Zero Coupon Notes through Depository Trust Company
(DTC) accounts and that there are no certificated Zero Coupon Notes
in non-global form. Accordingly, all Zero Coupon Notes surrendered
for conversion must be delivered through the transmittal procedures
of DTC.
Should Zero Coupon Notes be converted, LabCorp would be required
to pay holders in cash for the accreted principal amount of the
securities to be converted, with the remaining amount, if any, to
be satisfied with shares of Common Stock. The shares required for
settlement of the Zero Coupon Notes are included in LabCorp’s
computation of fully diluted earnings per share.
About LabCorpLabCorp (NYSE: LH), an S&P 500 company,
is a leading global life sciences company that is deeply integrated
in guiding patient care, providing comprehensive clinical
laboratory and end-to-end drug development services. With a mission
to improve health and improve lives, LabCorp delivers world-class
diagnostic solutions, brings innovative medicines to patients
faster and uses technology to improve the delivery of care. LabCorp
reported net revenues of nearly $9.5 billion for 2016. To learn
more about LabCorp, visit www.labcorp.com, and to learn more about
Covance Drug Development, visit www.covance.com.
This press release contains forward-looking statements about the
Company’s future operations. Each of the forward-looking statements
is subject to change based on various important factors, including
without limitation, competitive actions in the marketplace, and
adverse actions of governmental and other third-party payers.
Actual results could differ materially from those suggested by
these forward-looking statements. The Company has no obligation to
provide any updates to these forward-looking statements even if its
expectations change. Further information on potential factors that
could affect operating and financial results is included in the
Company’s Form 10-K for the year ended December 31, 2016, and
subsequent Forms 10-Q, including in each case under the heading
risk factors, and in the Company’s other filings with the SEC. The
information in this press release should be read in conjunction
with a review of the Company’s filings with the SEC including the
information in the Company’s Form 10-K for the year ended December
31, 2016, and subsequent Forms 10-Q, under the heading MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
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version on businesswire.com: http://www.businesswire.com/news/home/20171002005325/en/
LabCorpInvestors:Scott Frommer,
336-436-5076Investor@labcorp.comorMedia:Pattie Kushner,
336-436-8263Media@labcorp.com
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