LabCorp Prices $600,000,000 in 3.250% Senior Notes Due 2024 and $600,000,000 in 3.600% Senior Notes Due 2027
August 15 2017 - 8:30PM
Business Wire
LabCorp® (NYSE: LH) announced today that it has priced its
offering of $1.2 billion in senior notes. The offering
consists of two tranches: $600,000,000 aggregate principal amount
of 3.250% Senior Notes due 2024 (the “2024 Notes”) and
$600,000,000 aggregate principal amount of 3.600% Senior Notes due
2027 (the “2027 Notes”), (together with the 2024 Notes, the
“Notes”). The Notes will bear interest from August 22, 2017,
payable semi-annually on March 1 and September 1, commencing on
March 1, 2018. The closing of the offering is expected to
occur on August 22, 2017, subject to the satisfaction of customary
closing conditions. 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
for general corporate purposes, including the repayment at maturity
of its outstanding 2.20% Senior Notes due August 23, 2017.
The joint book-running managers for the offering are Merrill
Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo
Securities, LLC, Barclays Capital Inc., MUFG Securities Americas
Inc. and TD Securities (USA) LLC. Credit Suisse Securities (USA)
LLC, KeyBanc Capital Markets Inc., PNC Capital Markets LLC, U.S.
Bancorp Investments, Inc., BB&T Capital Markets, a division of
BB&T Securities, LLC, BNY Mellon Capital Markets, LLC, Credit
Agricole Securities (USA) Inc., Fifth Third Securities Inc. and
Goldman Sachs & Co. LLC are acting as co-managers.
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, NC1-004-03-43, 200 North College
Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus
Department, by email at dg.prospectus_requests@baml.com or by
calling toll-free 1-800-294-1322 or from Wells Fargo Securities,
LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn:
WFS Customer Service, by email at wfscustomerservice@wellsfargo.com
or by calling toll-free 1-800-645-3751.
This press release 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
LabCorp (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 through the contributions of 52,000
employees in approximately 60 countries.
This press release contains forward-looking statements including
statements about the proposed offering of Notes and use of proceeds
therefrom. Each of the forward-looking statements is subject to
change based on various important factors, including the risk that
the offering may not be successful. 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, 2016, 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, 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/20170815006226/en/
LabCorpInvestor Contact:Scott Frommer,
336-436-5076orMedia Contact:Pattie Kushner, 336-436-8263
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