TETERBORO, N.J., June 8 /PRNewswire/ -- Quest Diagnostics Incorporated
(NYSE: DGX) announced today that, as of 5:00 p.m., New York City time, on June
7, 2001, (the consent date), it had received the requisite consents from the
holders of its 103/4% Senior Subordinated Notes due 2006 to certain amendments
to the indenture under which the notes were issued. Specifically, the company
received consents from holders of approximately $146.5 million in aggregate
principal amount, or approximately 98%, of the $150,000,000 aggregate
principal amount of outstanding notes.
The notes are subject to the terms and conditions of the company's fixed
spread cash tender offer, as set forth in its Offer to Purchase and Consent
Solicitation Statement dated May 24, 2001. The expiration date for the tender
offer is 5:00 p.m., New York City time, on June 27, 2001, unless extended by
the company. The purchase price and consent payment for notes tendered on or
prior to the consent date will be paid in immediately available funds on the
first business day following the expiration of the tender offer. Holders of
notes may continue to tender their notes until the expiration date but will
not receive a consent payment. 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 the company 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., Liability Management Group, at either:
888-ML4-TNDR (toll-free) or 212-449-4914 (collect).
Quest Diagnostics is the nation's leading provider of diagnostic testing,
information and services with annual revenues of $3.4 billion in 2000. The
Company's diagnostic testing yields information that enables health care
professionals and consumers to make better decisions to improve health. Quest
Diagnostics offers patients and physicians the broadest access to diagnostic
testing services through its national network of approximately 30 full-service
laboratories, 150 rapid response laboratories and more than 1,300 patient
service centers, where specimens are collected. Quest Diagnostics is the
leading provider of esoteric testing, including gene-based testing, and is the
leader in routine medical testing, drugs of abuse testing, and anatomic
pathology testing. Through partnerships with pharmaceutical, biotechnology
and information technology companies, Quest Diagnostics provides support to
help speed the development of health care insights and new therapeutics.
Additional Company information can be found on the Internet at:
http://www.questdiagnostics.com .
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 described
in the Quest Diagnostics Incorporated 2000 Form 10-K and subsequent filings.
SOURCE Quest Diagnostics Incorporated
CONTACT: Investors - Cathy Doherty, 201-393-5030, or Media - Gary
Samuels, 201-393-5700, both of Quest Diagnostics Incorporated/