TETERBORO, N.J., Nov. 19 /PRNewswire/ -- Quest Diagnostics Incorporated
(NYSE: DGX), the nation's leading provider of diagnostic testing, information
and services, announced today that it has sold to the public $225 million of
1.75% Contingent Convertible Debentures Due 2021. The debentures will pay a
fixed rate of interest and are convertible into Quest Diagnostics common
shares at an initial conversion price of $87.50 per share. The last reported
sales price of Quest Diagnostics shares was $62.50 on November 16. The lead
underwriter for the offering is Banc of America Securities LLC. Quest
Diagnostics expects the transaction to be mildly accretive to 2002 earnings.
Net proceeds from the offering will be used by the company to repay amounts
outstanding under its receivables credit facility. The receivables credit
facility will remain available to the company for general corporate purposes,
including acquisitions.
The security is being offered as part of a shelf registration statement
previously filed and declared effective with the Securities and Exchange
Commission. Copies of the prospectus relating to the offering can be obtained
from Banc of America Securities LLC, 9 West 57th Street, 40th Floor, New York,
NY 10019.
Quest Diagnostics is the nation's leading provider of diagnostic testing,
information and services with $3.4 billion in annual revenues. 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
non-hospital-based anatomic pathology testing. Quest Diagnostics empowers
health care organizations and clinicians with state-of-the-art connectivity
solutions that improve practice management. 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.
This press release does not constitute an offer to sell or a solicitation
of an offer to buy the debentures, nor shall there be an offer to sell or a
solicitation of an offer to buy the debentures in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities law of any such
jurisdiction.
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 2000 Form 10-K and subsequent filings.
Contacts: Cathy Doherty (Investors): 201.393.5030,
Gary Samuels (Media): 201.393.5700
SOURCE Quest Diagnostics Incorporated
CONTACT: Investors - Cathy Doherty, +1-201-393-5030, or Media - Gary
Samuels, +1-201-393-5700, both of Quest Diagnostics/