LabCorp: 0% convertibles accrue contingent coupon for six more months

By Susanna Moon

Chicago, Sept. 11 – Laboratory Corp. of America Holdings said its zero-coupon convertible subordinated notes due 2021 will accrue contingent cash interest for another six months from Sept. 11 to March 8, 2019.

The contingent cash interest rate will be at least 0.125% of the average market price of the convertibles for the five trading days ended Sept. 6, in addition to the continued accrual of the original issue discount, according to an 8-K filing with the Securities and Exchange Commission.

The contingent cash interest of about $2.89 per note will be paid March 8, 2019 to holders as of the record date of Feb. 22, 2019.

Burlington, N.C.-based LabCorp develops diagnostic technologies through genomic testing.

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