Laboratory (LH) Enters New $1B Unsecured Facility
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Laboratory Corporation of America® Holdings (NYSE: LH) today announced that it has entered into a new senior unsecured credit facility totaling $1.0 billion.
Bank of America, N.A. will act as Administrative Agent and Barclays Capital will serve as Syndication Agent for a group of financial institutions providing the facility. The new facility consists of a five-year Revolving Facility in the principal amount of $1.0 billion. The new facility 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 and term loan. On December 21, 2011 the Company borrowed $560.0 million under the Revolving Facility, and outstanding Letters of Credit totaling approximately $37.4 million were extended under the new facility. The Company's previous revolving credit facility was terminated upon the closing of the new facility.
Bank of America, N.A. will act as Administrative Agent and Barclays Capital will serve as Syndication Agent for a group of financial institutions providing the facility. The new facility consists of a five-year Revolving Facility in the principal amount of $1.0 billion. The new facility 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 and term loan. On December 21, 2011 the Company borrowed $560.0 million under the Revolving Facility, and outstanding Letters of Credit totaling approximately $37.4 million were extended under the new facility. The Company's previous revolving credit facility was terminated upon the closing of the new facility.
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