New Issue: LabCorp prices $1.2 billion 3.25% notes due 2024, 3.6% notes due 2027

By Wendy Van Sickle

Columbus, Ohio, Aug. 15 – Laboratory Corp. of America Holdings priced $1.2 billion of senior notes (Baa2/BBB/) in two tranches, according to a press release Tuesday evening.

A $600 million 3.25% tranche is due 2024, and a $600 million 3.6% tranche is due 2027.

The notes feature a make-whole call and then a par call.

BofA Merrill Lynch and Wells Fargo Securities LLC, Barclays Capital Inc., MUFG Securities Americas Inc. and TD Securities (USA) LLC are the bookrunning managers.

Proceeds will be used for general corporate purposes, including to repay at maturity the company’s 2.2% senior notes due Aug. 23, 2017 and to repay borrowings under its revolving credit facility.

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

Issuer:	Laboratory Corp. of America Holdings
Issue:	Senior notes
Amount:	$1.2 billion
Bookrunners:	BofA Merrill Lynch and Wells Fargo Securities LLC, Barclays Capital Inc., MUFG Securities Americas Inc. and TD Securities (USA) LLC
Co-managers:	Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets Inc., PNC Capital Markets LLC, U.S. Bancorp Investments, Inc., BB&T Capital Markets, LLC, BNY Mellon Capital Markets, LLC, Credit Agricole Securities (USA) Inc., Fifth Third Securities Inc. and Goldman Sachs & Co. LLC
Trade date:	Aug. 15
Settlement date:	Aug. 22
Ratings:	Moody’s: Baa2
	Standard & Poor’s: BBB
Distribution:	SEC registered
Seven-year notes
Amount:	$600 million
Maturity:	2024
Coupon:	3.25%
Ten-year notes
Amount:	$600 million
Maturity:	2027
Coupon:	3.6%

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