LabCorp talks four-part benchmark notes for Wednesday pricing

By Aleesia Forni

Virginia Beach, Jan. 21 – Laboratory Corp. of America Holdings is planning to bring a four-part offering of senior notes (Baa2/BBB/) to market on Wednesday, according to a market source and a 424B5 filed with the Securities and Exchange Commission.

The deal is expected to consist of tranches due 2020, 2022, 2025 and 2045.

The five-year notes are guided at 150 basis points to 155 bps over Treasuries, while the seven-year notes are guided at 175 bps to 180 bps over Treasuries.

Guidance on the 10-year notes is 195 bps to 200 bps over Treasuries, and guidance on the 30-year notes is 240 bps to 245 bps over Treasuries.

BofA Merrill Lynch, Wells Fargo Securities LLC and Credit Suisse Securities (USA) LLC are the joint bookrunners.

Proceeds will be used for general corporate purposes and to help fund the company’s acquisition of Covance Inc.

The independent clinical laboratory company is based in Burlington, N.C.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.