LabCorp begins tender offer for up to $300 million of 4.625% senior notes due 2020

Chicago, Nov. 18 – Laboratory Corp. of America Holdings announced that it has started a cash tender offer for up to $300 million of its $600 million 4.625% senior notes due 2020, according to a press release.

The company is offering to purchase the notes at a fixed spread of 30 basis points using the 1.5% U.S. Treasury due Aug. 15, 2020 as a reference rate.

The early tender deadline is 5 p.m. ET on Dec. 2.

Noteholders who tender by the early tender deadline will receive an early tender premium of $30.

The total consideration will be determined at 10 a.m. ET on Dec. 3, unless extended by the company.

Withdrawals of tenders can be made up to the early tender deadline.

Notes may be subject to proration if the tender cap is exceeded on or before the early tender deadline.

The offer will expire at 11:59 p.m. ET on Dec. 16.

Settlement is expected to be Dec. 18.

The offer is subject to a financing condition based on the completion of an offering of $800 million of new notes.

BofA Securities Inc. (980 387-3907, collect or 888 292-0070, U.S. toll-free), US Bancorp (612 336-7604, collect or 877 558-2607, U.S. toll-free), and Wells Fargo Securities (704 410-4759, collect or 866 309-6316, U.S. toll-free) are acting as dealer managers for the tender offer.

D.F. King & Co., Inc. (212 269-5550, collect, for banks and brokers or 888 625-2588, toll-free, for all others, or e-mail at labcorp@dfking.com) is serving as the tender agent and information agent.

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

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