QUEST DIAGNOSTICS ANNOUNCES EXPIRATION
OF CONSENT OFFER FOR 10-3/4% SENIOR SUBORDINATED NOTES DUE 2006
TETERBORO, N.J., JUNE 9, 1999Quest Diagnostics Incorporated
(NYSE: DGX), a leading provider of diagnostic testing, information and services, today
announced that it had received as of 5:00 p.m., New York City time, on June 8, 1999, the
requisite consents from the holders of approximately $147 million principal amount,
representing approximately 98% of the outstanding $150,000,000 principal amount, of
10-3/4% Senior Subordinated Notes due 2006 to certain amendments to the indenture under
which the notes were issued.
The notes are subject to the terms and conditions of Quest Diagnostics fixed
spread tender offer, as set forth in the Offer to Purchase and Consent Solicitation
Statement dated May 25, 1999. The expiration date for the tender offer is expected to be
5:00 p.m., New York City time, on June 29, 1999, and holders of the notes may continue to
tender their notes up to that date. The purchase price and consent payment for tendered
notes will be paid in immediately available funds on the first business day following
expiration of the tender offer (currently expected to be June 30, 1999). The Company
intends to execute a supplemental indenture promptly. The amendments to the indenture for
which the consents were solicited will not become operative unless and until Quest
Diagnostics accepts for payment the notes validly tendered.
Merrill Lynch & Co. is acting as dealer manager, Georgeson & Company Inc. is
the information agent, and The Bank of New York is the depositary. Persons with questions
regarding the tender offer and consent solicitation should contact Merrill Lynch & Co.
at: 800-ML4-TNDR.
Quest Diagnostics is one of the nations leading providers of diagnostic testing,
information and services to physicians, hospitals, managed care organizations, employers
and government agencies. The wide variety of tests performed on human tissue and fluids
help doctors and hospitals diagnose, treat and monitor disease. Its Nichols Institute unit
conducts research, specializes in esoteric testing using genetic screening and other
advanced technologies, performs clinical studies testing, and manufactures and distributes
diagnostic test kits and instruments. Quest Informatics collects and analyzes laboratory,
pharmaceutical and other data to help large health care customers identify and monitor
patients who are at-risk for certain diseases. QuestNet is an innovative new product
offering that provides network management services to large buyers of health care
services.
The statements in this press release which are not historical facts or
information may be forward-looking statements. These forward-looking statements involve
risks and uncertainties that could cause the outcome to be materially different. Certain
of these risks and uncertainties are listed in the Quest Diagnostics Incorporated 1998
Form 10-K and subsequent filings.
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