LabCorp to pay $1.48 contingent cash interest on convertibles due 2021

By Ashley Montgomery

Kansas City, Kan., Sept. 12 - Laboratory Corp. of America Holdings will pay contingent cash interest of $1.48 per note to holders of its zero-coupon convertible subordinated notes due 2021 for the six-month period beginning Sept 12, the company announced in a news release.

The convertibles will accrue contingent cash interest at a rate of at least 0.125% of the average market price of a zero-coupon note for the five trading days ended Sept. 7 in addition to the continued accrual of the original issue discount.

The payment date is expected to be March 11, 2013.

The contingent cash interest will be payable to holders of record as of Feb. 22, 2013.

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

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