fbpx

LabCorp Announces New Term Loan Facility

3 Views

BURLINGTON, N.C.–(BUSINESS WIRE)–On June 3, 2019, LabCorp® (NYSE: LH) entered into a new Term Loan Credit
Agreement, which provides for a two-year term loan credit facility in
the principal amount of $850 million (the “New Term Loan Facility”).
Bank of America, N.A. is acting as administrative agent for a group of
financial institutions providing the New Term Loan Facility.

The proceeds from the borrowings under the New Term Loan Facility will
be used for general corporate purposes, including to repay other
indebtedness and in connection with the previously announced acquisition
of the nonclinical research services business of Envigo International
Holdings, Inc. (“Envigo”). The entire $850 million principal amount of
the New Term Loan Facility was advanced on June 3, 2019, with
approximately $250 million of the proceeds being applied to repay a
portion of amounts outstanding under LabCorp’s prior term loan credit
facility entered into on September 15, 2017.

About LabCorp

LabCorp (NYSE: LH), an S&P 500 company, is a leading global life
sciences company that is deeply integrated in guiding patient care,
providing comprehensive clinical laboratory and end-to-end drug
development services. With a mission to improve health and improve
lives, LabCorp delivers world-class diagnostic solutions, brings
innovative medicines to patients faster, and uses technology to improve
the delivery of care. LabCorp reported revenue of more than $11 billion
in 2018. To learn more about LabCorp, visit www.LabCorp.com,
and to learn more about Covance Drug Development, visit www.Covance.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements, including but
not limited to statements with respect to the Company’s expectations on
use of its credit facilities. Each of the forward-looking statements is
subject to change based on various important factors, many of which are
beyond the Company’s control, including without limitation, competitive
actions and other unforeseen changes and general uncertainties in the
marketplace, changes in government regulations, including healthcare
reform, customer purchasing decisions, including changes in payer
regulations or policies, other adverse actions of governmental and
third-party payers, changes in testing guidelines or recommendations,
the effect of public opinion on the Company’s reputation, adverse
results in material litigation matters, failure to maintain or develop
customer relationships, our ability to develop or acquire new products
and adapt to technological changes, failure in information technology,
systems or data security, adverse weather conditions, and employee
relations. These factors, in some cases, have affected and in the future
(together with other factors) could affect the Company’s ability to
implement the Company’s business strategy and actual results could
differ materially from those suggested by these forward-looking
statements. As a result, readers are cautioned not to place undue
reliance on any of our forward-looking statements. The Company has no
obligation to provide any updates to these forward-looking statements
even if its expectations change. All forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
Further information on potential factors, risks and uncertainties that
could affect operating and financial results is included in the
Company’s most recent Annual Report on Form 10-K and subsequent Forms
10-Q, including in each case under the heading RISK FACTORS, and in the
Company’s other filings with the SEC.

Contacts

LabCorp Contacts:
Media: Pattie Kushner — 336-436-8263
Media@LabCorp.com

Investors: Clarissa Willett — 336-436-5076
Investor@LabCorp.com

leverton

I have been involved with publishing and marketing for the past 37 years. My passion is helping people share their voice. I am able to do this through two important venues: One, with Area-Info.net where people can share everything from opinions to events to news. It is your choice! What do you want to share? Two, through a new program called America's Real Deal I am involved with to help business owners get their voice heard.For people who love to save money and earn while saving, there is a new program called the r network. You are provided with a card that entitles the user to automatic savings on more than 300,000 products. Learn more about the revv card today. This is by invitation only to be some of the first people to get this card.I schedule speaking engagements with community groups and business groups to share my passion about the importance of "sharing your voice".Contact me directly at lee@leeeverton.com for scheduling information.

You May Also Like