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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
February 22, 2002
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(Date of earliest event reported)
LABORATORY CORPORATION OF AMERICA HOLDINGS
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(Exact name of registrant as specified in its charter)
DELAWARE 1-11353 13-3757370
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
358 SOUTH MAIN STREET, BURLINGTON, NORTH CAROLINA 27215
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(Address of principal executive offices)
336-229-1127
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(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
Laboratory Corporation of America -Registered Trademark-Holdings
(LabCorp -Registered Trademark-)(NYSE:LH) announced that it has entered
into $300 million of new senior credit facilities with Credit Suisse
First Boston, acting as Administrative Agent, and a group of financial
institutions. The new facilities consist of a 364-day revolving credit
facility in the principal amount of $100 million and a three-year
revolving credit facility in the principal amount of $200 million. The
new facilities will be used for general corporate purposes, including
working capital, capital expenditures, funding of share repurchases and
other payments and acquisitions. The Company's previous credit
agreement, under which no loans were outstanding, was terminated upon
the closing of the new facilities.
The terms of the new facilities include financial covenants governing
total leverage and interest coverage as well as negative covenants
limiting restricted payments, subsidiary indebtedness and certain other
items customary for investment grade-rated borrowers. The facility fee
and interest rate on the new facilities are based on the Company's
senior credit rating as determined by Standard & Poor's, which rating
was recently upgraded to BBB+ from BBB.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(c) Exhibit
20 Press release of the Company dated February 22, 2002.
SIGNATURES
Pursuant to the requirements of the Securities and
Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LABORATORY CORPORATION OF AMERICA HOLDINGS
------------------------------------------
(Registrant)
By:/s/ BRADFORD T. SMITH
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Bradford T. Smith
Executive Vice President
and Secretary
Date: February 22, 2002
Laboratory Corporation of America-Registered Trademark- Holdings
358 South Main Street
Burlington, NC 27215
Telephone: 336-584-5171
FOR IMMEDIATE RELEASE
Contact: 336-436-4855
Pamela Sherry
Investor@labcorp.com
Shareholder Direct 800-LAB-0401
www.labcorp.com
LABORATORY CORPORATION OF AMERICA-REGISTERED
TRADEMARK- ENTERS INTO $300 MILLION OF NEW
REVOLVING CREDIT FACILITIES
Burlington, NC, February 22, 2002 - Laboratory Corporation of America-
Registered Trademark- Holdings (LabCorp-Registered Trademark-) (NYSE:
LH) today announced that it has entered into $300 million of new senior credit
facilities with Credit Suisse First Boston, acting as Administrative Agent,
and a group of financial institutions. The new facilities consist of a
364-day revolving credit facility in the principal amount of $100 million and
a three-year revolving credit facility in the principal amount of $200
million. The new facilities will be used for general corporate purposes,
including working capital, capital expenditures, funding of share repurchases
and other payments and acquisitions. The Company's previous credit
agreement, under which no loans were outstanding, was terminated upon the
closing of the new facilities.
The terms of the new facilities include financial covenants governing total
leverage and interest coverage as well as negative covenants limiting
restricted payments, subsidiary indebtedness and certain other items
customary for investment grade-rated borrowers. The facility fee and interest
rate on the new facilities are based on the Company's senior credit rating as
determined by Standard & Poor's, which rating was recently upgraded to
BBB+ from BBB.
The first national clinical laboratory to fully embrace genomic testing,
Laboratory Corporation of America-Registered Trademark-Holdings
(LabCorp-Registered Trademark-) has been a pioneer in commercializing new
diagnostic technologies. As a national laboratory with annual revenues of
$2.2 billion in 2001 and over 19,000 employees, the Company offers more
than 4,000 clinical tests ranging from routine analyses to sophisticated
molecular diagnostics. Serving over 200,000 clients nationwide, LabCorp
leverages its expertise in innovative clinical testing technology with its
Centers of Excellence. The Center for Molecular Biology and Pathology, in
Research Triangle Park, North Carolina, offers state-of-the-art molecular
gene-based testing in infectious disease, oncology and genetics. Its National
Genetics Institute in Los Angeles is an industry leader in developing novel,
highly sensitive polymerase chain reaction (PCR) methods for testing hepatitis
C and other blood borne infectious agents. LabCorp's Minneapolis-based
ViroMed offers molecular microbial testing using real time PCR platforms,
while its Center for Esoteric Testing in Burlington, North Carolina, performs
the largest volume of specialty testing in the network. LabCorp's clients
include physicians, state and federal government, managed care organizations,
hospitals, clinics, pharmaceutical and Fortune 1000 companies, and other
clinical laboratories.
Each of the above forward-looking statements is subject to change based on
various important factors, including without limitation, competitive actions
in the marketplace and adverse actions of governmental and other third-party
payors. Further information on potential factors that could affect LabCorp's
financial results is included in the Company's Form 10-K for the year ended
December 31, 2000 and subsequent SEC filings, and will be available in the
Form 10-K for the year ended December 31, 2001, when filed.
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