LabCorp's notes due 2021 remain convertible

By Julie A. Miller

Washington, July 1 - Laboratory Corp. of America announced that its zero-coupon subordinated Liquid Yield Option Notes due 2021 and zero-coupon convertible subordinated notes due 2021 remain convertible through Sept. 28, for the eighth consecutive quarter.

The LYONs are convertible into common stock of LabCorp at the rate of 13.4108 shares per $1,000 principal amount at maturity.

The zero-coupon notes would be paid in cash for the accreted principal amount of the securities to be converted, with any remaining amount to be satisfied with shares.

An "insignificant number" of either series of convertibles has been converted to date, the company said. There was $404,000 principal amount of LYONs outstanding as of June 30.

LabCorp, based in Burlington, N.C., creates and distributes diagnostic technology to clients that include physicians, government agencies, managed care organizations, hospitals, clinical labs and pharmaceutical companies.

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