LabCorp 0% subordinated notes due 2021 convertible into cash, stock

By Marisa Wong

Milwaukee, April 6 - Laboratory Corp. of America Holdings (LabCorp) announced that its zero-coupon convertible subordinated notes due 2021 may now be converted into cash and common stock, subject to the terms of the notes.

In order to convert all or a portion of the notes, holders must surrender their notes up through 5 p.m. ET on June 30.

Should the notes be converted, LabCorp would be required to pay holders in cash for the accreted principal amount, with the remaining amount, if any, to be satisfied with shares of LabCorp stock.

The Bank of New York Mellon is the trustee for the notes.

Burlington, N.C.-based LabCorp is a diagnostic technologies and genomic testing company.

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