LabCorp LYONs, zero-coupon convertibles to pay contingent interest

By Angela McDaniels

Seattle, Sept. 12 - Laboratory Corp. of America Holdings said its zero-coupon subordinated Liquid Yield Option Notes (LYONs) due 2021 and zero-coupon convertible subordinated notes due 2021 will accrue contingent interest for the period of Sept. 12 to March 11.

Under their terms, the notes will accrue interest at a rate of at least 0.125% of the average market price of a LYON or zero-coupon note for the five trading days ended Sept. 7, in addition to the original issue discount.

Contingent cash interest of about $1.30 per note will be payable to noteholders of record as of Feb. 25 on March 11, according to a company news release.

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

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