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Labcorp Prices $1B Sale of Senior Notes

The story has been updated to reflect that Labcorp has priced its offering.

NEW YORK – Laboratory Corporation of America late on Wednesday priced its $1 billion sale of senior notes.

The offering consists of two tranches, $500 million aggregate principal amount of 1.55 percent senior notes due 2026 and $500 million aggregate principal amount of 2.7 percent senior notes due 2031. 

The company will use the proceeds to redeem prior to maturity its outstanding 3.20 percent senior notes due Feb. 1, 2022, and 3.75 percent senior notes due Aug. 23, 2022.

The notes will be senior unsecured obligations and will rank equally with Labcorp’s existing and future senior unsecured debt.

The joint book-running managers for the offering are BofA Securities, KeyBanc Capital Markets, and Wells Fargo Securities.