LabCorp Announces Proposed Sale of Senior Notes
January 21 2015 - 8:59AM
Business Wire
Laboratory Corporation of America® Holdings (LabCorp®) (NYSE:
LH) announced today that it plans to offer, subject to market and
other conditions, senior notes that are expected to be issued in
four tranches with maturities of 5,7,10 and 30 years, respectively
(the “Notes”). The Notes will be senior unsecured obligations and
will rank equally with LabCorp’s existing and future senior
unsecured debt.
LabCorp intends to use the net proceeds of the Notes offering to
pay a portion of the cash consideration and the fees and expenses
in connection with its pending acquisition of Covance Inc. If the
proposed acquisition is terminated or does not close on or prior to
June 30, 2015, LabCorp will redeem the Notes at 101% of the
principal amount plus accrued and unpaid interest.
The joint book-running managers for the offering are Merrill
Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo
Securities, LLC and Credit Suisse Securities (USA) LLC. The
offering will be made pursuant to an effective shelf registration
statement on Form S-3 filed with the Securities and Exchange
Commission. A copy of the prospectus and related prospectus
supplement may be obtained from Merrill Lynch, Pierce, Fenner &
Smith Incorporated by calling toll-free 1-800-294-1322, from Wells
Fargo Securities, LLC by calling toll-free 1-800-645-3751 or from
Credit Suisse Securities (USA) LLC by calling toll free (800)
221-1037.
This announcement does not constitute an offer to sell or a
solicitation of an offer to buy the Notes or any other securities,
nor shall there be any sale of these securities in any jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such jurisdiction. The offering of these securities may be made
only by means of the prospectus supplement and the accompanying
prospectus.
About LabCorp®
Laboratory Corporation of America® Holdings, an S&P 500
company, is a pioneer in commercializing new diagnostic
technologies and the first in its industry to embrace genomic
testing. With annual revenues of $5.8 billion in 2013, over 34,000
employees worldwide, and more than 220,000 clients, LabCorp offers
more than 4,000 tests ranging from routine blood analyses to
reproductive genetics to companion diagnostics. LabCorp furthers
its scientific expertise and innovative clinical testing technology
through its LabCorp Specialty Testing Group: The Center for
Molecular Biology and Pathology, National Genetics Institute,
ViroMed Laboratories, Inc, The Center for Esoteric Testing,
Litholink Corporation, Integrated Genetics, Integrated Oncology,
Dianon Pathology, Monogram Biosciences, Inc, Colorado Coagulation,
Cellmark Forensics, MedTox, and Endocrine Sciences. LabCorp
conducts clinical trials testing through its LabCorp Clinical
Trials division. LabCorp clients include physicians, government
agencies, managed care organizations, hospitals, clinical labs, and
pharmaceutical companies.
This press release contains forward-looking statements including
with respect to the pending acquisition of Covance Inc. and the
expected offering of Notes. 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. Further information on potential
factors that could affect LabCorp’s operating and financial results
is included in the Company’s Form 10-K for the year ended December
31, 2013, including 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
section of the Company’s Form 10-K for the year ended December 31,
2013 and subsequent Forms 10-Q under the heading MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
LabCorp®Investor/Media Contact:Stephen Anderson –
336-436-5076www.labcorp.com
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