A Medical Device Daily
Quest Diagnostics (Madison, New Jersey) said it has commenced a cash tender offer to buy up to $200 million aggregate principal amount of its 5.125% senior notes due 2010 and 7.50% senior notes due 2011. The terms and conditions of the tender offer are described in the offer to purchase dated May 19 and related letter of transmittal, Quest said.
The tender offer will expire at midnight EDT June 16, unless extended. Holders of notes who validly tender and do not validly withdraw their notes at or prior to 5 p.m. EDT on June 2 will receive the total tender offer consideration, 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 EDT on the expiration date will be eligible to receive only the late tender offer consideration 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.
Settlement of the tender offer is expected to occur on the second business day following the expiration date.
Quest has retained Banc of America Securities as lead dealer manager and Calyon Securities and Mitsubishi UFJ Securities as co-dealer managers. Global Bondholder Services has been retained to serve as the depositary and to serve as the information agent for the tender offer.