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LabCorp Offers $925M in Senior Notes

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Laboratory Corporation of America said after the close of the market Tuesday that it is offering $925 million in senior notes.

It intends to use the proceeds to fund part of its purchase of Genzyme Genetics. The $925 million all cash deal was announced in September.

Funds from the offering will also go toward general corporate use, the company said.

The offering consists of two tranches: $325 million of 3.125 percent notes due 2016, and $600 million of 4.625 percent notes due 2020. The notes will bear interest from Nov. 19, 2010, payable semi-annually on May 15 and Nov. 15, beginning May 15, 2011.

The notes will be unsecured obligations and will rank equally with LabCorp's existing and future senior unsecured debt, the company said.

The active joint book-running manager for the offering is Citigroup Global Markets. Barclays Capital and Merrill Lynch, Pierce, Fenner & Smith are passive joint book-running managers. The offer is subject to market and other conditions.

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