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LabCorp: Covance prepays all $250 million notes following acquisition
By Tali Rackner
Norfolk, Va., March 9 – Laboratory Corp. of America Holdings said that Covance Inc. prepaid all $250 million of its outstanding senior notes on March 5 following LabCorp’s acquisition of Covance, according to an 8-K filing with the Securities and Exchange Commission.
Specifically, Covance prepaid (a) $15 million of 3.25% series 2013A notes due Nov. 15, 2018; (b) $50 million of 3.9% series 2013B notes due Nov. 15, 2020; (c) $90 million of 4.5% series 2013C notes due Nov. 15, 2023; and (d) $95 million of 4.65% series 2013D notes due Nov. 15, 2025.
The notes were redeemed at par plus accrued interest and a total make-whole amount of $37,436,849.
Burlington, N.C.-based LabCorp develops diagnostic technologies through genomic testing. Covance is a Princeton, N.J.-based drug development services company.
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