LabCorp says 0% convertibles accrue coupon for six more months

By Susanna Moon

Chicago, March 12 – Laboratory Corp. of America Holdings said its zero-coupon convertible subordinated notes due 2021 will accrue contingent cash interest for another six months from March 12 to Sept. 11, 2018.

The contingent cash interest rate will be at least 0.125% of the average market price of the convertibles for the five trading days ended March 9, in addition to the continued accrual of the original issue discount, according to a company announcement.

The contingent cash interest of about $2.90 per note will be paid Sept. 12, 2018 to holders as of the record date of Aug. 27, 2018.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.