Reported Earlier, Labcorp Prices $2B In Senior Notes Offering Across Three Tranches Due 2030, 2032, And 2034
Portfolio Pulse from Benzinga Newsdesk
Labcorp has announced a $2 billion senior notes offering across three tranches due in 2030, 2032, and 2034. The proceeds will be used to redeem or repay existing debt, including $400 million of 2.30% Senior Notes due 2024 and $1 billion of 3.60% Senior Notes due 2025, as well as $350 million in revolving credit facility borrowings.
September 17, 2024 | 7:32 am
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Labcorp's $2 billion senior notes offering aims to manage and reduce existing debt, potentially improving its financial stability and credit profile.
The issuance of senior notes to manage and reduce existing debt can improve Labcorp's financial stability and credit profile, which is generally positive for the company's stock price. The targeted repayment of high-interest debt and revolving credit facility borrowings indicates a strategic move to optimize financial health.
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