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LabCorp Prices $1B of Senior Notes

NEW YORK (GenomeWeb News) – Laboratory Corporation of America after the close of the market Monday priced $1 billion of senior notes in two tranches.

The clinical lab giant is offering $500 million of 2.2 percent senior notes due 2017 and $500 million of 3.75 percent senior notes due 2022. The notes bear interest from Aug. 23, 2012, payable in semi-annual installments on Aug. 23 and Feb. 23, beginning Feb. 23, 2013.

LabCorp said that it will use the proceeds from the offering to repay certain amounts outstanding under its existing credit facility dated Dec. 21, 2011, as well as for general corporate purposes.

BofA Merrill Lynch and Credit Suisse are active joint book-running managers on the offering, while Braclays and Wells Fargo Securities are passive joint book-running managers. BB&T Capital Markets, Citigroup, Mitsubishi UFJ Securities, and TD Securities are co-managers.

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