LabCorp to pay contingent cash interest on 0% convertibles due 2021

By Susanna Moon

Chicago, March 14 - Laboratory Corp. of America Holdings said it will pay contingent cash interest of $1.52 per note to holders of its zero-coupon convertible subordinated notes due 2021 for the six-month period beginning March 12.

The convertibles accrue contingent cash 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 9, in addition to the continued accrual of the original issue discount.

The payment date is expected to be Sept. 11.

The contingent cash interest will be payable to holders of the 0% convertibles as of the record date of Aug. 27.

LabCorp previously said the zero-coupon notes are convertible until 5 p.m. ET on March 31.

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

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