LabCorp’s 0% convertibles have contingent coupon for six more months

By Marisa Wong

Morgantown, W.Va., Sept. 11 – Laboratory Corp. of America Holdings said its zero-coupon convertible subordinated notes due 2021 will accrue contingent cash interest for another six-month period, this time from Sept. 11 to March 9.

The rate is at least 0.125% of the average market price of the zero-coupon notes for the five trading days ended Sept. 8, in addition to the continued accrual of the original issue discount, according to a Monday news release.

LabCorp said it calculated the interest payment as $2.62 per note, which will be paid on March 9 to holders of record as of Feb. 23.

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

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