LabCorp to price senior notes in two tranches due 2026, 2031

By Marisa Wong and Cristal Cody

Los Angeles, May 12 – Laboratory Corp. of America Holdings is planning to issue senior notes in two tranches due June 1, 2026 and June 1, 2031, according to a 424B5 filing with the Securities and Exchange Commission and a market source.

Price talk for the five-year tranche is in the Treasuries plus 95 basis points to 100 bps area.

The 10-year notes are talked in the Treasuries plus 125 bps to 130 bps area.

BofA Securities, Inc., KeyBanc Capital Markets Inc. and Wells Fargo Securities, LLC are the joint bookrunners.

The company plans to use proceeds to redeem its outstanding 3.2% senior notes due Feb. 1, 2022 and 3.75% senior notes due Aug. 23, 2022 prior to their respective maturities, according to a press release.

Based in Burlington, N.C., LabCorp provides comprehensive clinical laboratory and end-to-end drug development services.

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