Holders may convert LabCorp. LYONs, 0% convertibles for fourth quarter

By Devika Patel

Knoxville, Tenn., Oct. 3 - Laboratory Corp. of America Holdings (LabCorp) said its zero-coupon convertible subordinated notes due 2021 and zero-coupon Liquid Yield Option Notes due 2021 are convertible for the fourth quarter.

The LYONs are convertible into 13.4108 LabCorp common shares per $1,000 principal amount. There was $713,000 of the LYONs outstanding as of Sept. 30.

For each $1,000 of zero-coupon convertibles converted, the company will pay cash for the accreted principal amount and stock for the remaining amount, if any.

The LYONs and zero-coupon convertibles are convertible until 5 p.m. ET on Dec. 31.

The notes were also convertible for the previous four quarters.

Burlington, N.C.-based LabCorp develops diagnostic technologies through genomic testing.

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