BURLINGTON, N.C.--(BUSINESS WIRE)--Jul. 1, 2009--
Laboratory Corporation of America® Holdings (LabCorp®) (NYSE:LH)
announced today that it has completed the previously announced
redemption of all of its outstanding zero coupon subordinated Liquid
Yield Option™ Notes due 2021 (LYONs) and $369.1 million principal
amount at maturity of its Zero Coupon Convertible Subordinated Notes due
2021 (Zero Coupon Notes), equaling fifty percent (50%) of the principal
amount at maturity outstanding of the Zero Coupon Notes. The total cash
used for these redemptions was approximately $289 million. As a result
of certain holders of the Zero Coupon Notes electing to convert their
Zero Coupon Notes, the Company also issued 432,787 additional shares of
common stock.
At March 31, 2009, LabCorp had an aggregate of $576.3 million of
accreted principal amount outstanding of the LYONs and of the Zero
Coupon Notes. As a result of the redemptions, LabCorp reduced the
outstanding accreted principal amount of this convertible debt by
approximately $289.6 million, leaving approximately $286.7 million in
accreted principal amount, or $369.1 million of principal amount at
maturity, of the Zero Coupon Notes outstanding.
About LabCorp®
Laboratory Corporation of America® Holdings, a S&P 500 company, is a
pioneer in commercializing new diagnostic technologies and the first in
its industry to embrace genomic testing. With annual revenues of $4.5
billion in 2008, over 28,000 employees worldwide, and more than 220,000
clients, LabCorp offers clinical assays ranging from routine blood
analyses to HIV and genomic testing. LabCorp combines its expertise in
innovative clinical testing technology with its Centers of Excellence:
The Center for Molecular Biology and Pathology, National Genetics
Institute, ViroMed Laboratories, Inc., The Center for Esoteric Testing,
Litholink Corporation, DIANON Systems, Inc., US LABS, and Esoterix and
its Colorado Coagulation, Endocrine Sciences, and Cytometry Associates
laboratories. LabCorp conducts clinical trial testing through its
Esoterix Clinical Trials Services division. LabCorp clients include
physicians, government agencies, managed care organizations, hospitals,
clinical labs, and pharmaceutical companies. To learn more about our
organization, visit our Web site at: www.labcorp.com.
This press release contains forward-looking statements. Each of the
forward-looking statements is subject to change based on various
important factors, including without limitation, competitive actions in
the marketplace and adverse actions of governmental and other
third-party payors. Actual results could differ materially from those
suggested by these forward-looking statements. Further information on
potential factors that could affect LabCorp’s financial results is
included in the Company’s Form 10-K for the year ended December 31,
2008, and subsequent SEC filings.
Source: Laboratory Corporation of America® Holdings (LabCorp®)
Laboratory Corporation of America® Holdings (LabCorp®)
Investor/Media
Contact:
Bill Bonello – (336) 436-7732
Company
Information: www.labcorp.com
