BURLINGTON, N.C.--(BUSINESS WIRE)--Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH) today announced that it has entered into new senior unsecured credit facilities totaling $1 billion. Credit Suisse will act as Administrative Agent, Sole Bookrunner and Sole Lead Arranger for a group of financial institutions. The new facilities consist of a five-year Revolving Facility in the principal amount of $500 million and a five-year, $500 million Term Loan Facility. The new facilities will be used for general corporate purposes, including working capital, capital expenditures, acquisitions, funding of share repurchases and other payments, and repayment of all amounts outstanding under the Company’s previous revolving credit facility. On October 26, 2007, the Company borrowed $500 million under the Term Loan Facility, and outstanding Letters of Credit totaling $110.5 million were extended under the new facilities. The Company's previous revolving credit facility was terminated upon the closing of the new facilities.
