LabCorp says 0% convertibles to pay contingent interest to Sept. 11

By Susanna Moon

Chicago, March 11 – Laboratory Corp. of America Holdings said its zero-coupon convertible subordinated notes due 2021 will accrue contingent cash interest from March 12 to Sept. 11, 2015.

The contingent cash interest is expected to be about $2.07 per note, according to a company press release.

The convertibles will accrue contingent cash interest at a rate of at least 0.125% of the average market price of a zero-coupon note for the five trading days ended March 6, in addition to the continued accrual of the original issue discount, the company said.

The payment date will be Sept. 11, 2015 to holders of record on Aug. 27, 2015.

Burlington, N.C.-based LabCorp develops diagnostic technologies through genomic testing.

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