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LabCorp prices, announces early results of tenders for 4.625% notes
By Wendy Van Sickle
Columbus, Ohio, Dec. 3 – Laboratory Corp. of America Holdings announced pricing of its cash tender offer for up to $300 million of its $600 million 4.625% senior notes due 2020 on Tuesday evening, after posting early results earlier in the day.
For each $1,000 principal amount, the company will pay a total consideration of $1,018.36, calculated using a fixed spread of 30 basis points and the 1.5% U.S. Treasury due Aug. 15, 2020 as of 10 a.m. ET on Dec. 3, according to a news release.
The amount includes an early tender premium of $30 per $1,000 principal amount that will be paid only to holders who tendered their notes by the early deadline, 5 p.m. ET on Dec. 2.
Holders will also receive accrued interest.
The company reported that holders had tendered $174,863,000 of notes as of the early tender deadline.
LabCorp has accepted all $174,863,000 of the early tendered notes for purchase.
The company expects to make payment for the notes on Dec. 4.
The offer was announced on Nov. 18 and will expire at 11:59 p.m. ET on Dec. 16. Final settlement is expected to be Dec. 18.
Tenders may no longer be withdrawn.
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 or 888 292-0070), US Bancorp (612 336-7604 or 877 558-2607) and Wells Fargo Securities (704 410-4759 or 866 309-6316) are acting as dealer managers for the tender offer.
D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 888 625-2588 for all others or labcorp@dfking.com) is the tender agent and information agent.
Burlington, N.C.-based LabCorp develops diagnostic technologies through genomic testing.
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