LabCorp 0% convertibles accrue contingent cash interest to Sept. 11

By Tali David

Minneapolis, March 11 - Laboratory Corp. of America Holdings announced that its zero-coupon convertible subordinated notes due 2021 will accrue contingent cash interest of $1.49 per note from March 12 until Sept. 11.

According to a news release, the notes accrue contingent cash interest at a rate of no less than 0.125% of the average market price of a note for the five trading days ended March 6 in addition to the continued accrual of the original issue discount.

The record date is Aug. 27, and the payment date is set for Sept. 11.

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

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