Navigation Links
Quest Diagnostics Commences Cash Tender Offer for Any and All of Certain of its Outstanding Notes
Date:11/12/2009

MADISON, N.J., Nov. 12 /PRNewswire-FirstCall/ -- Quest Diagnostics Incorporated (the "Company") (NYSE: DGX), the world's leading provider of diagnostic testing, information and services, announced today that it has commenced a cash tender offer (the "Tender Offer") to purchase any and all of its 5.125% Senior Notes due 2010 (the "2010 Notes") and any and all of its 7.50% Senior Notes due 2011 (the "2011 Notes" and, together with the 2010 Notes, the "Notes"). Additional terms and conditions of the Tender Offer are set forth in the Offer to Purchase dated November 12, 2009 (the "Offer to Purchase") and the related Letter of Transmittal (the "Letter of Transmittal"). The offer will expire at 5:00 p.m., New York City time, on November 19, 2009, unless extended.

The consideration for each $1,000 principal amount of Notes tendered and accepted for payment pursuant to the Tender Offer will be determined at 2:00 p.m., New York City time, on November 17, 2009 in the manner described in the Offer to Purchase. The purchase price, which will be determined by reference to a fixed spread specified for each series of Notes over the yield based on the bid-side price of the applicable U.S. Treasury Security as indicated below, will be announced by news release promptly after its determination.

                                Aggregate    Fixed
                                Principal    Spread    Reference     Relevant
                 Title of        Amount      (basis    Treasury      Bloomberg
    CUSIP No.    Security      Outstanding   points)   Security        Page
    ---------    --------      -----------   -------   --------      ---------

    74834LAK6  5.125% Senior   $226,363,000    40    1.00% due          PX1
               Notes due 2010                        October 31, 2011

    74834LAE0  7.50% Senior    $248,637,000    60    1.00% due          PX1
               Notes due 2011                        October 31, 2011

In addition, the Company will pay accrued and unpaid interest up to, but excluding, the applicable settlement date on all validly tendered Notes accepted for purchase in the Tender Offer. The settlement date for the Tender Offer is expected to be the first business day following the expiration date and currently is expected to be November 20, 2009. The Company intends to use a portion of the net proceeds from its senior notes offering to fund the Tender Offer. The Tender Offer remains subject to meeting certain conditions, and the Company reserves the right to extend, terminate, withdraw or amend the Tender Offer at any time subject to applicable law.

Quest Diagnostics has retained BofA Merrill Lynch as Global Coordinator & Joint Lead Dealer Manager and Morgan Stanley, RBS and Wells Fargo Securities as Joint Lead 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: BofA Merrill Lynch at (888) 292-0070 (toll free) or (980) 388-4603 (collect).

This news release is not an offer to purchase or a solicitation of an offer to sell any Notes. The Tender Offer is being made only pursuant to the terms of the Offer to Purchase, and the related Letter of Transmittal.

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 www.QuestDiagnostics.com.

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," "Risk Factors," "Cautionary Factors that May Affect Future Results," "Legal Proceedings," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosures About Market Risk" in the Company's 2008 Annual Report on Form 10-K and "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures About Market Risk" and "Risk Factors" in the Company's 2009 Quarterly Reports 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.

    CONTACTS
    Kathleen Valentine, Investors, 973-520-2900,
    Wendy Bost, Media, 973-520-2800

SOURCE Quest Diagnostics


'/>"/>
SOURCE Quest Diagnostics
Copyright©2009 PR Newswire.
All rights reserved

Related medicine technology :

1. Quest Diagnostics Introduces ClariSure(TM) Test for Identifying Chromosome Abnormalities Associated With 85 Developmental Disorders in Children
2. VioQuest Pharmaceuticals Completes Enrollment of Phase I Trial of Lenocta(TM)
3. Two Point of Care Tests From Quest Diagnostics Receive FDA 510(k) Clearance
4. Video: Quest Diagnostics Health Trends(TM) Report Shows Significant Gap in Care for Patients With Chronic Kidney Disease
5. VioQuest Pharmaceuticals Announces Dosing of First Patient in Phase IIa Solid Tumor Study for Lenocta(TM), a Novel Protein Tyrosine Phosphatase Inhibitor
6. Centocor and Janssen-Cilag Submit Applications Requesting Approval of Ustekinumab in the U.S. and Europe for Treatment of Moderate to Severe Plaque Psoriasis
7. U.S. Patent Office Rejects Key HIV/AIDS Drug Patents at PUBPAT Request: Government Finds Prior Art Submitted By PUBPAT Invalidates All of Gilead Sciences Claims
8. Portrait(R) Plasma - A New Non-Surgical Option for one of the Most Requested Aesthetic Treatment - Aging Eyes
9. CSL Behring Submits BLA Requesting Approval of C1-Esterase Inhibitor for the Treatment of Hereditary Angioedema
10. BRAVE-3 Questions Value of Abciximab in PCI for Heart Attack
11. ImQuest Publishes Results of Important Structure Activity Relationship Program on Dual Acting Pyrimidinediones
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/9/2016)... 9, 2016 Research and Markets has announced ... report to their offering. ... The global travel vaccines market to grow at a ... covers the present scenario and the growth prospects of the global ... report considers the revenue generated from the sales of various vaccines ...
(Date:12/8/2016)... , Dec. 8, 2016 Australia Ophthalmic Lasers ... report, "Australia Ophthalmic Lasers Market Outlook to 2022", provides ... The report provides value, in millions of US dollars, ... segements - Excimer Lasers, Femtosecond Lasers and YAG Lasers. ... shares data for each of these market segements, and ...
(Date:12/8/2016)... KEY FINDINGS The global medical ... Various reasons for growth of the medical lifting sling ... chronic diseases, high recovery cost of injuries and government ... lifting sling refers to an assistive device that helps ... connect to the lift and hold the patient. It ...
Breaking Medicine Technology:
(Date:12/8/2016)... ... 08, 2016 , ... Russ DiGilio , founder and ... #QuackGivesBack campaign which supported local breast cancer organizations during National Breast Cancer Awareness ... Back initiative, and we’re very pleased with the participation in every franchisee’s ...
(Date:12/8/2016)... , ... December 08, 2016 , ... CURE Media Group, ... and advocacy groups, has aligned with Upstage Lung Cancer in efforts to combat lung ... announcement, Michael J. Hennessy, Jr said, “CURE Media Group is honored to team up ...
(Date:12/8/2016)... Fla (PRWEB) , ... December 08, 2016 , ... ... smarter modes of access for customers and employees that are both engaging and ... 7 with Service Smart Technology, the software company revealed today its plans to ...
(Date:12/8/2016)... ... 08, 2016 , ... STAT courier is pleased to announce that due to ... they are expanding their presence in Dallas. One of the most exciting parts for ... jobs to the Dallas and Forth Worth market. STAT takes pride in treating their ...
(Date:12/8/2016)... ... December 08, 2016 , ... Vida Health, the ... Series B led by Canvas Ventures . Other investors include Nokia Growth Partners ... mobile platform to serve more consumers who are managing chronic conditions or ...
Breaking Medicine News(10 mins):