Lab Corp (LH) Convertible Zero Coupons to Accrue Additional Cash Interest
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Laboratory Corporation of America Holdings (NYSE: LH) announced today that for the period of September 12, 2011 to March 11, 2012, its Zero Coupon Convertible Subordinated Notes due 2021 (Zero Coupon Notes) will, subject to the terms of the Zero Coupon Notes, accrue contingent cash interest at a rate of no less than 0.125 percent of the average market price of a Zero Coupon Note for the five trading days ended September 7, 2011, in addition to the continued accrual of the original issue discount. Contingent cash interest, which the Company has determined to be approximately $1.38 per Note, will be payable to holders of the Zero Coupon Notes as of the record date, which is February 24, 2012.
The payment of contingent cash interest is expected to be made on March 11, 2012.
The payment of contingent cash interest is expected to be made on March 11, 2012.
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