LabCorp® (NYSE: LH) announced today that for the period of March 11, 2019 to Sept. 10, 2019, its Zero Coupon Convertible Subordinated Notes due 2021 (Zero Coupon Notes) will accrue (subject to the terms of the Zero Coupon Notes) contingent cash interest at a rate of no less than 0.125% of the average market price of a Zero Coupon Note for the five trading days ended March 6, 2019, in addition to the continued accrual of the original issue discount. Contingent cash interest, which the Company has determined to be approximately $2.47 per Note, will be payable to holders of the Zero Coupon Notes as of the record date, which is Aug. 27, 2019. The payment of contingent cash interest is expected to be made on Sept. 11, 2019.
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 revenues 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.
Forward-Looking Statements
This press release contains
forward-looking statements including but not limited to statements with
respect to estimated 2019 guidance and the related assumptions, the
impact of various factors on operating and financial results, expected
savings and synergies (including from the LaunchPad initiative and from
acquisitions), and the opportunities for future growth. Each of the
forward-looking statements is subject to change based on various
important factors, 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, adverse results in
material litigation matters, the impact of changes in tax laws and
regulations, 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, employee relations, and the effect of
exchange rate fluctuations. Actual results could differ materially from
those suggested by these forward-looking statements. The Company has no
obligation to provide any updates to these forward-looking statements
even if its expectations change. Further information on potential
factors, risks and uncertainties that could affect operating and
financial results is included in the Company’s Form 10-K for the year
ended Dec. 31, 2018, and subsequent Forms 10-Q, including in each case
under the heading RISK FACTORS, and in the Company’s other filings with
the SEC. The information in this press release should be read in
conjunction with a review of the Company’s filings with the SEC
including the information in the Company’s Form 10-K for the year ended
Dec. 31, 2018, and subsequent Forms 10-Q, under the heading MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
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