Quest Diagnostics gives early tender results for 5.125%, 7.5% notes

By Jennifer Chiou

New York, June 3 - Quest Diagnostics Inc. announced the early tender results for its offer to purchase up to $200 million principal amount total of its $400 million of 5.125% senior notes due 2010 and its $275 million of 7.5% senior notes due 2011.

As of 5 p.m. ET on June 2, holders had tendered $173,572,000 of the 5.125% notes and $48.72 million of the 7.5% notes.

The company said the purchase price for each $1,000 principal amount will be based on the 0.875% Treasury note due April 30, 2011 plus a fixed spread. For the 5.125% notes, the spread will be 225 basis points, and for the 7.5% notes, the spread will be 365 bps. The notes are listed in order of acceptance priority.

The total payout will include a $30.00 premium for notes tendered by the early tender date.

The offer will expire at midnight ET on June 16. It began on May 19. 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.

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