LabCorp redeems all remaining LYONs, half of zero-coupon convertibles

By Angela McDaniels

Tacoma, Wash., July 1 - Laboratory Corp. of America Holdings has completed the previously announced redemption of all of its outstanding zero-coupon subordinated Liquid Yield Option Notes due 2021 and $369.1 million principal amount at maturity, or 50%, of its zero-coupon convertible subordinated notes due 2021, according to a company news release.

The total cash used for these redemptions was approximately $289 million.

As a result of some holders of the zero-coupon notes electing to convert their notes, the company issued 432,787 additional shares of common stock.

Approximately $286.7 million in accreted principal amount, or $369.1 million of principal amount at maturity, of the zero-coupon notes remains outstanding.

LabCorp makes clinical assays and is based in Burlington, N.C.

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