Labcorp subsidiary prices $2B senior notes offering to refinance existing debt

LABCORP HOLDINGS INC.

Labcorp subsidiary (LCAH) prices $2B in three senior note tranches: $650M at 4.350% due 2030, $500M at 4.550% due 2032, $850M at 4.800% due 2034.
Net proceeds to redeem $400M of 2.30% notes due Dec 2024 and $1B of 3.60% notes due Feb 2025, plus repay $350M revolver.
Closing expected Sept 23, 2024; Labcorp provides full and unconditional guarantee of notes.
Notes issued at slight discount: 2030 at 99.931%, 2032 at 99.608%, 2034 at 99.755% of par.

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