Conversion Right Triggered For LabCorp’s Zero Coupon Convertible Subordinated Notes Due 2021
January 02 2018 - 8:45AM
Business Wire
LabCorp® (NYSE: LH) announced today that its Zero Coupon
Convertible Subordinated Notes due 2021 (Zero Coupon Notes) may be
converted as set forth below.
The Zero Coupon Notes are convertible into cash and Common Stock
of LabCorp, if any, subject to the terms of the Zero Coupon Notes
and the Indenture, dated as of October 24, 2006 between LabCorp and
The Bank of New York Mellon, as trustee (Trustee) and the
conversion agent.
In order to exercise the option to convert all or a portion of
the Zero Coupon Notes, holders must validly surrender their Zero
Coupon Notes at any time during the calendar quarter through the
close of business at 5:00 p.m., New York City time, on Friday,
March 30, 2018. The Trustee has informed LabCorp that, as of this
date, all custodians and beneficial holders of the Zero Coupon
Notes hold the Zero Coupon Notes through Depository Trust Company
(DTC) accounts and that there are no certificated Zero Coupon Notes
in non-global form. Accordingly, all Zero Coupon Notes surrendered
for conversion must be delivered through the transmittal procedures
of DTC.
Should Zero Coupon Notes be converted, LabCorp would be required
to pay holders in cash for the accreted principal amount of the
securities to be converted, with the remaining amount, if any, to
be satisfied with shares of Common Stock. The shares required for
settlement of the Zero Coupon Notes are included in LabCorp’s
computation of fully diluted earnings per share.
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.
Forward-Looking Statements
This press release contains forward-looking statements including
with respect to estimated 2017 guidance and the impact of various
factors on operating and financial results. 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/20180102005332/en/
LabCorpMedia Contact:Pattie Kushner,
336-436-8263orInvestor Contact:Scott Frommer,
336-436-5076
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