Quest Diagnostics tenders for up to $200 million 5 1/8% notes due 2010, 7½% notes due 2011

By Susanna Moon

Chicago, May 19 - Quest Diagnostics Inc. said it began a cash tender offer to purchase up to $200 million principal amount of its $400 million 5 1/8% senior notes due 2010 and its $275 million 7½% senior notes due 2011.

The company said the purchase price for each $1,000 principal amount will be based on the 0 7/8% Treasury note due April 30, 2011 plus a fixed spread. For the 5 1/8% notes, the spread will be 225 basis points, and for the 7½% notes, the spread will be 365 bps. The notes are listed in order of acceptance priority.

The total payout will include a $30 premium for notes tendered by 5 p.m. ET on June 2, the early tender date.

The offer will expire at midnight ET on June 16. The settlement date is expected to be June 18.

Banc of America Securities LLC (888 292-0070 or collect 980 388-4603) is lead dealer manager, and Calyon Securities (USA) Inc. and Mitsubishi UFJ Securities (USA), Inc. are co-dealer managers. Global Bondholder Services Corp. (866 470-3800) is the depositary and information agent.

Quest Diagnostics provides diagnostic testing, information and services and is based in Lyndhurst, N.J.

© 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.