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Quest Announces $500M Senior Notes Offering

NEW YORK (360Dx) – Quest Diagnostics announced after the close of the market on Thursday a public offering of $500 million of 4.2 percent senior notes due in 2029.

The company has not yet priced the offering for each note or said how many notes it plans to offer. It said it will use the proceeds to repay outstanding debts including $300 million in senior notes due April 2019, debts under its secured receivables credit facility, and general corporate purposes.

Quest said it expects to receive the proceeds upon closing on March 12, 2019.

Last month the company reported a 1 percent year-over-year dip in its Q4 revenues and said it ended 2018 with with $135 million in cash, cash equivalents, and restricted cash.

In early morning trading today, Quest's shares on the New York Stock Exchange were down a fraction of 1 percent to $83.19.