Quest Diagnostics tenders for $250 million of 6.95% notes, 5.75% notes

By Susanna Moon

Chicago, March 5 – Quest Diagnostics Inc. said it began cash tender offers for up to $250 million of its $425 million outstanding 6.95% senior notes due 2037 and $450 million outstanding 5.75% senior notes due 2040.

Pricing will be set using the 3% U.S. Treasury notes due Nov. 15, 2044 plus a fixed spread of 185 basis points for the 6.95% notes and of 175 bps for the 5.75% notes, according to a company press release.

Originally, the fixed spread was announced at 195 basis points for the 6.95% notes and 185 bps for the 5.75% notes, then amended later the same day in a separate press release.

The notes are listed in order of priority acceptance level.

The total purchase price will include a $50.00 early tender premium for each $1,000 principal amount of notes tendered by 11:59 p.m. ET on March 18.

The offer will end at 11:59 p.m. ET on April 1.

Tendered notes may be withdrawn by the early tender deadline.

J.P. Morgan Securities LLC (800 834-4666 or collect 212 834-4811) is the dealer manager. D.F. King & Co., Inc. (800 814-9324, attn: Krystal Scrudato) is the tender agent and information agent.

Quest is a diagnostic testing company is based in Madison, N.J.

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