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LabCorp Enters Into $850M Loan Agreement

NEW YORK (360Dx) – Laboratory Corporation of America entered into a new term loan credit agreement for $850 million, it announced after the close of the market on Monday.

The agreement is for a two-year term loan credit facility. Bank of America is the administrative agent for a group of financial institutions providing the facility, the Burlington, North Carolina-based lab said.

Proceeds from the loan facility will go toward general corporate purposes, including the repayment of other loans and in connection with the acquisition of Envigo's nonclinical research services business. About $250 million of the proceeds have been used to repay a portion of amounts outstanding under LabCorp's prior term loan credit facility entered into in September 2017.