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NEW YORK ─ Quest Diagnostics said on Monday that it has priced a $550 million offering of 2.8 percent senior notes due in 2031.

The firm expects to receive the net offering proceeds upon closing on May 13, 2020 and plans to use the funds for general corporate purposes, including repayment of existing debts.

The debts Quest may pay using the offering proceeds includes its $550 million aggregate principal amount of 4.70 percent senior notes due 2021 as well as money borrowed under the company's senior unsecured revolving credit facility and secured receivables credit facility.

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