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LabCorp Announces New Term Loan Facility
June 4, 2019
Source: Business Wire
LabCorp® (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.
LabCorp (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.
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