LabCorp's 0% convertible notes due 2021 to accrue contingent interest

By Jennifer Chiou

New York, Sept. 13 - Laboratory Corp. of America Holdings said that its zero-coupon convertible subordinated notes due 2021 will accrue contingent cash interest for the period of Sept. 12 to March 11.

The contingent cash interest rate will be no less than 0.125% of the average market price of the notes for the five trading days ended Sept. 8, in addition to the continued accrual of the original issue discount.

The estimated March 11 payment of $1.24 per note will be payable to holders of record as of Feb. 24.

As already reported, the notes are convertible until 5 p.m. ET on Sept. 30.

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

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