MADISON, N.J., Nov. 17 /PRNewswire-FirstCall/ -- Quest Diagnostics Incorporated (the “Company”) , the world’s leading provider of diagnostic testing, information and services, announced today the determination of the pricing for its previously announced cash tender offer (the “Tender Offer”) to purchase any and all of its 5.125% Senior Notes due 2010 (the “2010 Notes”) and any and all of its 7.50% Senior Notes due 2011 (the “2011 Notes” and, together with the 2010 Notes, the “Notes”). Additional terms and conditions of the Tender Offer are set forth in the Offer to Purchase dated November 12, 2009 (the “Offer to Purchase”) and the related Letter of Transmittal (the “Letter of Transmittal”). The offer will expire at 5:00 p.m., New York City Time, on November 19, 2009, unless extended (the “Expiration Date”).
The purchase price has been determined for each series of Notes by reference to the applicable fixed spread specified for each series of Notes over the yield based on the bid-side price of the applicable U.S. Treasury Security (“Reference Yield”), as calculated by BofA Merrill Lynch, the Global Coordinator & Joint Lead Dealer Manager, at 2:00 p.m., New York City time, on November 17, 2009. The formula for determining the purchase price is set forth in Schedule A of the Offer to Purchase. The purchase prices, the applicable Reference Yields and the accrued and unpaid interest, assuming a settlement date of November 20, 2009, are detailed in the table below.
The Company has retained BofA Merrill Lynch as Global Coordinator & Joint Lead Dealer Manager and Morgan Stanley, RBS and Wells Fargo Securities as Joint Lead Dealer Managers. Global Bondholder Services Corporation has been retained to serve as the depositary and to serve as the information agent for the tender offer.
This news release is not an offer to purchase or a solicitation of an offer to sell any Notes. The Tender Offer is being made only pursuant to the terms of the Offer to Purchase, and the related Letter of Transmittal.
About Quest Diagnostics
Quest Diagnostics is the world’s leading provider of diagnostic testing, information and services that patients and doctors need to make better healthcare decisions. The company offers the broadest access to diagnostic testing services through its network of laboratories and patient service centers, and provides interpretive consultation through its extensive medical and scientific staff. Quest Diagnostics is a pioneer in developing innovative diagnostic tests and advanced healthcare information technology solutions that help improve patient care. Additional company information is available at www.QuestDiagnostics.com.
Quest Diagnostics Incorporated
