BURLINGTON, N.C.--(BUSINESS WIRE)--Aug. 20, 2012--
Laboratory Corporation of America® Holdings (LabCorp®)
(NYSE: LH) announced today that it has priced its offering of $1 billion
in senior notes. The offering consists of two tranches: $500 million
aggregate principal amount of 2.20% Senior Notes due 2017 (the “2017
Notes”) and $500 million aggregate principal amount of 3.75% Senior
Notes due 2022 (the “2022 Notes,” and together with the 2017 Notes, the
“Notes”). The Notes will bear interest from August 23, 2012, payable
semi-annually on August 23 and February 23, commencing on February 23,
2013. The closing of the offering is expected to occur on August 23,
2012, subject to the satisfaction of customary closing conditions. The
Notes will be senior unsecured obligations and will rank equally with
LabCorp’s existing and future senior unsecured debt.
LabCorp intends to use the net proceeds of this offering to repay
certain amounts outstanding under its existing credit facility dated
December 21, 2011, and for general corporate purposes.
The active joint book-running managers for the offering are BofA Merrill
Lynch and Credit Suisse. Barclays and Wells Fargo Securities are acting
as passive joint book-running managers. BB&T Capital Markets; Citigroup;
Mitsubishi UFJ Securities; and TD Securities are acting as co-managers.
The offering will be made pursuant to an effective shelf registration
statement on Form S-3 filed with the Securities and Exchange Commission
(the “SEC”). A copy of the prospectus and related prospectus supplement
may be obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated,
4 World Financial Center, 250 Vesey Street, 7th Floor, New York, New
York 10080 or by calling toll-free 1-800-294-1322 or from Credit Suisse
Securities (USA) LLC, Attention: Prospectus Department, One Madison
Avenue, New York, New York 10010 or by calling toll-free 1-800-221-1037
or by emailing: [email protected].
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the Notes or any other securities, nor
shall there be any sale of these securities in any jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. The offering of these securities may be made only by means
of the prospectus supplement and the accompanying prospectus.
About LabCorp®
Laboratory Corporation of America® Holdings, an S&P 500
company, is a pioneer in commercializing new diagnostic technologies and
the first in its industry to embrace genomic testing. With annual
revenues of $5.5 billion in 2011, over 31,000 employees worldwide, and
more than 220,000 clients, LabCorp offers more than 4,000 tests ranging
from routine blood analyses to reproductive genetics to companion
diagnostics. LabCorp furthers its scientific expertise and innovative
clinical testing technology through its LabCorp Specialty Testing Group:
The Center for Molecular Biology and Pathology, National Genetics
Institute, ViroMed Laboratories, Inc., The Center for Esoteric Testing,
Litholink Corporation, Integrated Genetics, Integrated Oncology, DIANON Systems,
Inc., Monogram Biosciences, Inc., Colorado Coagulation, and Endocrine
Sciences. LabCorp conducts clinical trials testing through its LabCorp
Clinical Trials division. LabCorp clients include physicians, government
agencies, managed care organizations, hospitals, clinical labs, and
pharmaceutical companies.
This press release contains forward-looking statements. Each of the
forward-looking statements is subject to change based on various
important factors, including without limitation, competitive actions in
the marketplace and adverse actions of governmental and other
third-party payors. Actual results could differ materially from
those suggested by these forward-looking statements. Further information
on potential factors that could affect LabCorp’s financial results is
included in the Company’s Form 10-K for the year ended December 31,
2011, and subsequent SEC filings.
Source: Laboratory Corporation of America® Holdings
Laboratory Corporation of America® Holdings
Investor/Media
Contact:
Stephen Anderson, 336-436-5076
