LabCorp to pay contingent interest on LYONs, 0% convertibles

By Devika Patel

Knoxville, Tenn., Sept. 12 - Laboratory Corp. of America Holdings announced that its zero-coupon convertible subordinated notes due 2021 and zero-coupon Liquid Yield Option Notes due 2021 will accrue contingent interest from Sept. 12 to March 11.

The notes will accrue contingent cash interest at a rate of no less than 0.125% of the average market price of a LYON or zero-coupon note for the five trading days ended Sept. 9 in addition to the continued accrual of the original issue discount.

LabCorp said it has determined the contingent interest to be $1.23 per note. It will be payable to holders of record as of Feb. 24.

The payment is slated for March 11.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.