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Quest Diagnostics prices tender offers for 6.95% notes, 5.75% notes
By Angela McDaniels
Tacoma, Wash., March 18 – Quest Diagnostics Inc. determined the pricing for its tender offers to purchase up to $250 million combined principal amount of its $425 million of 6.95% senior notes due 2037 and $450 million of 5.75% senior notes due 2040, according to a company news release.
The notes are listed in order of priority acceptance level.
For each $1,000 principal amount, the company will pay $1,348.59 for the 6.95% notes and $1,208.97 for the 5.75% notes.
Each of these payments includes an early tender premium of $50.00 for each note tendered by the early tender date, 11:59 p.m. ET on March 18.
Holders will also receive accrued interest up to but excluding the settlement date.
The payments were determined by reference to the applicable fixed spread over the reference yield based on the bid-side price of the 3% Treasury due Nov. 15, 2044 at 2 p.m. ET on March 18. The fixed spread is 185 basis points for the 6.95% notes and 175 bps for the 5.75% notes. The reference yield is 2.614%.
Originally, the spread was 195 bps for the 6.95% notes and 185 bps for the 5.75% notes. The spreads were amended later the same day in a separate press release.
The offer will end at 11:59 p.m. ET on April 1.
The company expects to settle notes tendered by the early tender date on March 19.
All notes that are tendered by the early tender date will have priority over any notes tendered after that date.
J.P. Morgan Securities LLC (800 834-4666 or 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 based in Madison, N.J.
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