Navigation Links
Quest Diagnostics Commences Cash Tender Offer for Up to $200 Million Aggregate Principal Amount of Certain of its Outstanding Notes

MADISON, N.J., May 19 /PRNewswire-FirstCall/ -- Quest Diagnostics Incorporated (NYSE: DGX), the world's leading provider of diagnostic testing, information and services, announced today that it has commenced a cash tender offer to purchase up to $200 million aggregate principal amount (the "Tender Cap") of its 5.125% Senior Notes due 2010 and 7.50% Senior Notes due 2011 (collectively, the "Notes"). The terms and conditions of the tender offer are described in the Offer to Purchase dated May 19, 2009 and related Letter of Transmittal.

The following table summarizes terms material to the determination of the total consideration to be received in the offer:

       CUSIP       Title of         Amount          Acceptance Priority
       Number      Security       Outstanding              Level
       ------      --------       ------------      -------------------

     74834LAK6      5.125%        $400,000,000               1
                   Notes due

     74834LAE0       7.50%        $275,000,000               2
                   Notes due

                  Reference    Bloomberg                     Early
       CUSIP      Treasury     Reference    Fixed Spread     Tender
       Number     Security       Page        (bps) (1)      Premium (2)
       ------     ---------    ---------    ------------    -----------

     74834LAK6   0.875% due      PX1           + 225          $30.00
                  April 30,

     74834LAE0   0.875% due      PX1           + 365          $30.00
                  April 30,

(1) Includes the Early Tender Premium per $1,000 principal amount of Notes for each Series (the "Early Tender Premium") as set forth in this table.

(2) Per $1,000 principal amount of Notes tendered and validly accepted.

The tender offer will expire at midnight, New York City time, on June 16, 2009, unless extended (the "Expiration Date").

Holders of Notes who validly tender and do not validly withdraw their Notes at or prior to 5:00 p.m., New York City time, on June 2, 2009 (the "Early Tender Date"), will receive the Total Tender Offer Consideration (as defined in the Offer to Purchase), which includes an Early Tender Premium of $30 per $1,000 in principal amount of Notes tendered and validly accepted. Holders of Notes who validly tender their Notes after the Early Tender Date and at or before midnight, New York City time, on the Expiration Date will be eligible to receive only the Late Tender Offer Consideration (as defined in the Offer to Purchase) per $1,000 principal amount of Notes tendered by such Holders that are accepted for purchase, which is equal to the applicable Total Tender Offer Consideration minus the Early Tender Premium.

The amount of each series of Notes purchased in the tender offer will be determined in accordance with the Tender Cap and the Acceptance Priority Levels set forth above, as described in the Offer to Purchase and related Letter of Transmittal.

Holders may withdraw tenders of Notes at or prior to the Early Tender Date, but except as otherwise provided in the Offer to Purchase, not thereafter.

Settlement of the tender offer is expected to occur on the second business day following the Expiration Date.

Quest Diagnostics has retained Banc of America Securities LLC to act as Lead Dealer Manager and Calyon Securities (USA) Inc. and Mitsubishi UFJ Securities (USA), Inc. to serve as Co-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.

For additional information regarding the terms of the tender offer, please contact: Banc of America Securities LLC at (888) 292-0070 (toll free) or (980) 388-4603 (collect).

Requests for documents and questions regarding the tendering of Notes may be directed to Global Bondholder Services Corporation, at (866) 470-3800 (toll free).

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

The statements in this press release which are not historical facts may be forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management's current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, changes in government regulations, changing relationships with customers, payers, suppliers and strategic partners and other factors discussed in "Business" in Part I, Item 1, "Risk Factors" and "Cautionary Factors that May Affect Future Results" in Part I, Item 1A, "Legal Proceedings" in Part I, Item 3, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 and "Quantitative and Qualitative Disclosures About Market Risk" in Part II, Item 7A in the company's 2008 Annual Report on Form 10-K and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk" in the company's 2009 Quarterly Report on Form 10-Q and other items throughout the Form 10-K and the company's 2009 Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

SOURCE Quest Diagnostics Incorporated
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Quest Diagnostics to Speak at the Deutsche Bank 34th Annual Healthcare Conference
2. Quest Diagnostics to Connect to Microsoft HealthVault and Empower Patients and Physicians to Share Diagnostic Laboratory Test Results Online
3. "Farrah's Law" Grants Fawcett's Last Request
4. ImQuest BioSciences and Arisyn Therapeutics Introduce Novel New HCV Therapeutic Agent at Hepatitis Conference
5. Quest Diagnostics Declares Quarterly Cash Dividend
6. Sen. Max Baucus: Answer 10 Questions About Mandatory Purchase of Health Insurance Including Why the Public Was Excluded From Todays Committee Meeting
7. Heinz Family Philanthropies ( Release New Facts About Cards, Highlighting Questions Families Should Ask About Long-Term Care -- 10 Questions to Answer... (
8. NCPA Briefing Raises Questions About Trustees Annual Report
9. When to get your bone density measured -- that is the question
10. BANDIT Questions the H1N1 Media Craze, and Tries to Give AIDS Its Sexy Back!
11. Quest Diagnostics Announces Annual Shareholders Meeting Webcast
Post Your Comments:
(Date:11/27/2015)... ... November 27, 2015 , ... ... Q-Suite, announces the incorporation of Asterisk 11 LTS (Long Term Support) into its ... 11 LTS brings Q-Suite 5.10 up-to-date with a version of Asterisk that will ...
(Date:11/26/2015)... ... ... Inevitably when people think Thanksgiving, they also think Holiday sales and start ... and Cyber Monday massage chair sales to receive the best pricing on ... find the best massage chair deals, they can see all of the coupons in ...
(Date:11/26/2015)... ... November 26, 2015 , ... Somu Sivaramakrishnan announced today that ... Somu now offers travelers, value and care based Travel Services, including exclusive pricing ... well as, cabin upgrades and special amenities such as, shore excursions, discounted fares, ...
(Date:11/26/2015)... NE (PRWEB) , ... November 26, 2015 , ... Jobs ... searched by healthcare professionals and offered by healthcare staffing agency Aureus Medical Group ... during the month of October 2015 among those searching for healthcare jobs through the ...
(Date:11/26/2015)... ... 2015 , ... WorldCare International, Inc., the first company to ... Benefits Conference. The Employee Benefits Conference was hosted by the International Foundation of ... 2015. The conference was held at the Hawaii Convention Center in Honolulu, Oahu, ...
Breaking Medicine News(10 mins):
(Date:11/25/2015)... 2015  The American Academy of Pediatrics (AAP), ... the March of Dimes cheered today,s signature into ... Act of 2015 (S.799), which takes much-needed ... exposed to drugs, such as opioids, and to ... three organizations have worked together leading advocacy efforts ...
(Date:11/25/2015)... 2015 On Tuesday, November 24, 2015, ... against Wright Medical Technology, Inc. for product liability ... hip implant device, awarded $11 million in favor ... trial and three days of deliberations, the jury ... defectively designed and unreasonably dangerous, and that Wright ...
(Date:11/25/2015)... Israel , November 25, 2015 ... KTOV ) (TASE: KTOV), a biopharmaceutical company focused ... treatment of various clinical conditions, today announced the closing ... American Depository Shares ( ADSs ), each representing 20 ... up to 3,158,900 ADSs. The ADSs and warrants were ...
Breaking Medicine Technology: