LabCorp's Zero Coupon Convertible Subordinated Notes Due 2021 to Accrue Contingent Interest
12 September 2016 - 10:51PM
Business Wire
Laboratory Corporation of America® Holdings (LabCorp®) (NYSE:LH)
announced today that for the period of September 12, 2016 to March
10, 2017, 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 9, 2016, in addition to the
continued accrual of the original issue discount. Contingent cash
interest, which the Company has determined to be approximately
$2.31 per Note, will be payable to holders of the Zero Coupon Notes
as of the record date, which is February 24, 2017. The payment of
contingent cash interest is expected to be made on March 10,
2017.
About LabCorp®
Laboratory Corporation of America® Holdings, an S&P 500
company, is the world’s leading healthcare diagnostics company,
providing comprehensive clinical laboratory services through
LabCorp Diagnostics, and end-to-end drug development support
through Covance Drug Development. LabCorp is a pioneer in
commercializing new diagnostic technologies and is improving
people’s health by delivering the combination of world-class
diagnostics, drug development services and technology-enabled
solutions. With net revenue in excess of $8.5 billion in 2015 and
more than 50,000 employees in approximately 60 countries, LabCorp
offers innovative solutions to healthcare stakeholders. LabCorp
clients include physicians, patients and consumers,
biopharmaceutical companies, government agencies, managed care
organizations, hospitals, and clinical labs. To learn more about
Covance Drug Development, visit www.covance.com. To learn more
about LabCorp and LabCorp Diagnostics, visit www.labcorp.com.
This press release contains forward-looking statements including
with respect to estimated 2016 guidance and the impact of various
factors on operating results. Each of the forward-looking
statements is subject to change based on various important factors,
including without limitation, competitive actions in the
marketplace, adverse actions of governmental and other third-party
payers and the results from the Company’s acquisition of Covance.
Actual results could differ materially from those suggested by
these forward-looking statements. Further information on potential
factors that could affect LabCorp’s operating and financial results
is included in the Company’s Form 10-K for the year ended December
31, 2015, and subsequent Forms 10-Q, including in each case under
the heading risk factors, and in the Company’s other filings with
the SEC, as well as in the risk factors included in Covance’s
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, 2015, 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/20160912005783/en/
Laboratory Corporation of America®
HoldingsInvestorsPaul Surdez,
336-436-5076Investor@labcorp.comorMediaPattie
Kushner, 336-436-8263Media@labcorp.comorCompany
Information: www.labcorp.com
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