LabCorp holders may convert zero-coupon notes through June 28

By Tali David

Minneapolis, April 8 - Laboratory Corp. of America Holdings said holders of its zero-coupon convertible subordinated notes due 2021 have the right to convert their notes through June 28, according to a press release.

Holders must surrender any notes that they wish to convert by 5 p.m. ET on June 28, after which LabCorp must pay holders in cash for the accreted principal amount of the securities to be converted, with the remaining amount, if any, to be satisfied with shares of common stock.

The shares required for settlement of the zero-coupon notes are included in LabCorp's computation of fully diluted earnings per share, the release noted.

The Bank of New York Mellon is the trustee and conversion agent.

Burlington, N.C.-based LabCorp develops diagnostic technologies for clinical testing, including 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.