LabCorp's Zero Coupon Convertible Subordinated Notes Due 2021 to Accrue Contingent Interest
September 11 2017 - 4:15PM
Business Wire
LabCorp® (NYSE: LH) announced today that for the period of
September 11, 2017 to March 9, 2018, its Zero Coupon Convertible
Subordinated Notes due 2021 (Zero Coupon Notes) will, subject to
the terms of the Zero Coupon Notes, accrue contingent cash interest
at a rate of no less than 0.125% of the average market price of a
Zero Coupon Note for the five trading days ended September 8, 2017,
in addition to the continued accrual of the original issue
discount. Contingent cash interest, which the Company has
determined to be approximately $2.62 per Note, will be payable to
holders of the Zero Coupon Notes as of the record date, which is
February 23, 2018. The payment of contingent cash interest is
expected to be made on March 9, 2018.
About LabCorp
LabCorp (NYSE: LH), an S&P 500 company, is a leading global
life sciences company that is deeply integrated in guiding patient
care, providing comprehensive clinical laboratory and end-to-end
drug development services. With a mission to improve health and
improve lives, LabCorp delivers world-class diagnostic solutions,
brings innovative medicines to patients faster and uses technology
to improve the delivery of care. LabCorp reported net revenues of
nearly $9.5 billion for 2016. To learn more about LabCorp, visit
www.labcorp.com, and to learn more about Covance Drug Development,
visit www.covance.com.
This press release contains forward-looking statements about the
Company’s future operations. Each of the forward-looking statements
is subject to change based on various important factors, including
without limitation, competitive actions in the marketplace, and
adverse actions of governmental and other third-party payers.
Actual results could differ materially from those suggested by
these forward-looking statements. The Company has no obligation to
provide any updates to these forward-looking statements even if its
expectations change. Further information on potential factors that
could affect operating and financial results is included in the
Company’s Form 10-K for the year ended December 31, 2016, and
subsequent Forms 10-Q, including in each case under the heading
risk factors, and in the Company’s other filings with the SEC. The
information in this press release should be read in conjunction
with a review of the Company’s filings with the SEC including the
information in the Company’s Form 10-K for the year ended December
31, 2016, and subsequent Forms 10-Q, under the heading MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
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version on businesswire.com: http://www.businesswire.com/news/home/20170911006225/en/
LabCorpInvestors:Scott Frommer,
336-436-5076Investor@labcorp.comorMedia:Pattie Kushner,
336-436-8263Media@labcorp.com
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