Labcorp Announces Proposed Sale of Senior Notes
May 12 2021 - 6:57AM
Business Wire
Labcorp (NYSE: LH) (“Labcorp”) announced today that it plans to
offer, subject to market and other conditions, senior notes that
are expected to be issued in two tranches (the “Notes”). The Notes
will be senior unsecured obligations and will rank equally with
Labcorp’s existing and future senior unsecured debt.
Labcorp expects to use the net proceeds of the Notes offering to
redeem, prior to maturity, its outstanding 3.20% Senior Notes due
Feb. 1, 2022 and 3.75% Senior Notes due Aug. 23, 2022.
The joint book-running managers for the offering are BofA
Securities, KeyBanc Capital Markets, and Wells Fargo Securities.
The offering will be made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-234633) filed with
the Securities and Exchange Commission (the “SEC”) on Nov. 12,
2019. A copy of the prospectus and related prospectus supplement
may be obtained without charge from the SEC. Alternatively, a copy
of the prospectus and related prospectus supplement may be obtained
from BofA Securities by calling toll-free 1-800-294-1322, from
KeyBanc Capital Markets by calling toll-free 1-866-227-6479, or
from Wells Fargo Securities by calling toll-free
1-800-645-3751.
This announcement does not constitute an offer to sell or a
solicitation of an offer to buy the Notes or any other securities,
nor shall there be any sale of these securities in any jurisdiction
in which such an offer, solicitation, or sale would be unlawful
prior to registration or qualification under the securities laws of
any such jurisdiction. The offering of these securities may be made
only by means of the prospectus supplement and the accompanying
prospectus.
About Labcorp Labcorp is a leading global life sciences
company that provides vital information to help doctors, hospitals,
pharmaceutical companies, researchers, and patients make clear and
confident decisions. Through our unparalleled diagnostics and drug
development capabilities, we provide insights and accelerate
innovations to improve health and improve lives. With over 70,000
employees, we serve clients in more than 100 countries. Labcorp
(NYSE: LH) reported revenue of $14 billion in FY2020.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements including
statements about the proposed offering of the Notes and use of
proceeds therefrom. Each of the forward-looking statements is
subject to change based on various important factors, including the
risk that the offering may not be successful. As a result, readers
are cautioned not to place undue reliance on any of Labcorp’s
forward-looking statements. Labcorp has no obligation to provide
any updates to these forward-looking statements even if its
expectations change. All forward-looking statements are expressly
qualified in their entirety by this cautionary statement. Further
information on potential factors, risks, and uncertainties that
could affect operating and financial results is included in
LabCorp’s most recent Annual Report on Form 10-K and subsequent
Forms 10-Q, including in each case under the heading RISK FACTORS,
and in Labcorp’s other filings with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20210512005484/en/
Labcorp Contacts: Media: Christopher Allman-Bradshaw —
336-436-8263 Media@Labcorp.com
Investors: Chas Cook — 336-436-5076 Investor@Labcorp.com
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