LYNDHURST, N.J., Oct. 25 /PRNewswire-FirstCall/ -- Quest Diagnostics
Incorporated (NYSE: DGX), the nation's leading provider of diagnostic testing,
information, and services, announced today that it priced $900 million in
aggregate principal amount of senior notes in a private placement. The notes
were sold in two tranches, as follows: $400 million of 5.125% senior notes due
2010 and $500 million of 5.45% senior notes due 2015. The offering is
expected to close on October 31, 2005. The net proceeds of the offering are
expected to be used to complete the previously announced acquisition of
LabOne, Inc. (Nasdaq: LABS).
The notes are guaranteed on a senior, unsecured basis, by the company's
domestic clinical laboratories. The company has agreed to exchange these
private notes for publicly tradable notes having substantially identical
terms, and will file a registration statement with the Securities and Exchange
Commission relating to this planned exchange offer.
The issuance of the notes will be subject to customary closing conditions.
The notes were offered in the United States to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933 (the "Securities Act").
The notes have not been registered under the Securities Act and may not be
offered or sold in the United States without registration or an applicable
exemption from the registration requirements.
This press release shall not constitute an offer to sell or a solicitation
of an offer to purchase any of these securities and shall not constitute an
offer, solicitation or sale in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful.
About Quest Diagnostics
Quest Diagnostics is the leading provider of diagnostic testing,
information and services that patients and doctors need to make better
healthcare decisions. The company offers the broadest access to diagnostic
testing services through its national network of laboratories and patient
service centers, and provides interpretive consultation through its extensive
medical and scientific staff. Quest Diagnostics is a pioneer in developing
innovative new diagnostic tests and advanced healthcare information technology
solutions that help improve patient care. Additional company information is
available 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 actual results and
outcomes to be materially different. Certain of these risks and uncertainties
may include, but are not limited to, competitive environment, changes in
government regulations, changing relationships with customers, payers,
suppliers and strategic partners and other factors described in the Quest
Diagnostics Incorporated 2004 Form 10-K and subsequent filings.
SOURCE Quest Diagnostics Incorporated
CONTACT:
Investors, Laure Park, +1-201-393-5030; or
Media: Gary Samuels +1-201-393-5700;
both of Quest Diagnostics Incorporated