LabCorp announces LYONs, 0% convertibles remain convertible through second quarter

By Devika Patel

Knoxville, Tenn., April 1 - Laboratory Corp. of America Holdings (LabCorp) said its zero-coupon convertible subordinated notes due 2021 and zero-coupon Liquid Yield Option Notes (LYONs) due 2021 will remain convertible during the second quarter.

The LYONs are convertible into 13.4108 LabCorp common shares per $1,000 principal amount. There was $410,000 of the LYONs outstanding as of March 31.

If the zero-coupon convertibles are 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 June 30.

The Bank of New York is the trustee and conversion agent.

The notes also were convertible for the previous six quarters.

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

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