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LabCorp Prices $1.2B Senior Notes Offering

NEW YORK (GenomeWeb) – Laboratory Corporation of America today priced its offering of $1.2 billion in senior notes.

The offering consists of two tranches, a $600 million aggregate principal of 3.25 percent senior notes due in 2024, and a $600 million aggregate principal amount of 3.6 percent senior notes due in 2027. The closing of the offering is expected on Aug. 22, and LabCorp plans to use the net proceeds for general corporate purposes, including the repayment at maturity of outstanding 2.2 percent senior notes due on Aug. 23.

The joint book-running managers for the offering are Merrill Lynch, Pierce, Fenner & Smith; Wells Fargo Securities; Barclays Capital; MUFG Securities Americas; and TD Securities. The acting co-managers on the offering are Credit Suisse Securities; KeyBanc Capital Markets; PNC Capital Markets; US Bancorp Investments; BB&T Capital markets; BNY Mellon Capital Markets; Credit Agricole Securities; Fifth Third Securities; and Goldman Sachs.

In late July, LabCorp announced a deal to acquire specialty contract research organization Chiltern for about $1.2 billion in cash. 

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