LabCorp plans to sell dollar fixed-rate senior notes in two parts

By Devika Patel

Knoxville, Tenn., Nov. 18 – Laboratory Corp. of America Holdings intends to sell dollar-denominated fixed-rate senior notes in two tranches, according to a press release and a 424B5 filing with the Securities and Exchange Commission.

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

BofA Securities, Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used for general corporate purposes, including to purchase, redeem or repay the company’s 2.625% senior notes due Feb. 1, 2020, to fund a tender offer for up to $300 million of its 4.625% senior notes due Nov. 15, 2020, to repay borrowings under its 2017 term loan agreement and to repay borrowings under its 2019 term loan credit agreement.

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

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