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Quest Diagnostics to Launch $1.2B Senior Notes Offering

NEW YORK (GenomeWeb) – Quest Diagnostics today said that it plans to offer $1.2 billion in senior notes.

The Madison, NJ-based clinical lab firm said the offering is being made pursuant to a shelf registration filed with the US Securities and Exchange Commission. Goldman Sachs, JP Morgan Securities, Morgan Stanley, and Wells Fargo Securities will be the joint book-running managers for the offering.

Quest said that it will use the proceeds to fund the purchase of up to $250 million in combined aggregate principal amount of its 6.95 percent senior notes due 2037 and its 5.75 percent senior notes due 2040. In addition, it intends to redeem all $500 million of its outstanding 5.45 percent senior notes due 2015; all $375 million of its outstanding 6.4 percent senior notes due 2017; and $150 million, or 50 percent, of its outstanding 3.2 percent senior notes due 2016.

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