LabCorp says zero-coupon convertibles to accrue interest to Sept. 11

By Tali Rackner

Norfolk, Va., March 11 - Laboratory Corp. of America Holdings said its zero-coupon convertible subordinated notes due 2021 will accrue contingent cash interest from Wednesday to Sept. 11.

The convertibles will accrue 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 March 6 in addition to the continued accrual of the original issue discount, according to a company press release.

The contingent cash interest, which has been set at about $1.56 per note, will be payable to holders of record as of Aug. 27.

The payment will be made on Sept. 11, 2014.

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

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