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LabCorp Plans Sale of Senior Notes, Purchase of Outstanding Notes

NEW YORK – Laboratory Corporation of America said Monday that it plans to offer two tranches of senior notes.

The company said it will use the proceeds for purposes including to purchase, redeem, or repay at maturity outstanding 2.625 percent senior notes that are due on February 1, 2020; repay some or all of the amounts outstanding under its term loan credit facilities; and purchase of up to $300 million of its outstanding $600 million of 4.625 percent senior notes due November 15, 2020 in a tender offer that the firm also announced on Monday.

The tender offer will expire on 11:59 pm on December 16, 2019, unless it is extended or terminated earlier by LabCorp. The offer is being made only to holders of the 4.635 percent senior notes due November 2020.

BofA Securities, US Bancorp, and Wells Fargo Securities are acting as dealer managers for the tender offer and book-running managers for the sale of senior notes.