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,
subject to the satisfaction of specified conversion requirements. The lead
underwriter for the offering was Banc of America Securities LLC.
Net proceeds from the offering, combined with cash on hand, were used by the
company to repay amounts outstanding under its receivables credit facility. The
borrowing capacity under the receivables credit facility remains available to
the company for general corporate purposes, including investments and
acquisitions.
The security was 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.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X85461162
CONTACT: Media - Gary Samuels, +1-201-393-5700, or Investors - Cathy
Doherty, +1-201-393-5030, both of Quest Diagnostics Incorporated
URL: http://www.questdiagnostics.com
http://www.prnewswire.com
Copyright (C) 2001 PR Newswire. All rights reserved.