MADISON, N.J., June 3 /PRNewswire-FirstCall/ -- Quest Diagnostics
Incorporated (NYSE: DGX), the world's leading provider of diagnostic testing,
information and services, announced today that, as of 5:00 p.m., New York City
time, on June 2, 2009 (the "Early Tender Date"), the following principal
amounts of its 5.125% Senior Notes due 2010 and 7.50% Senior Notes due 2011
(collectively, the "Notes") have been validly tendered and not validly
withdrawn in connection with its previously announced cash tender offer to
purchase up to $200 million total aggregate principal amount (the "Tender
Cap") of the Notes. The terms and conditions of the tender offer are
described in the Offer to Purchase dated May 19, 2009 and related Letter of
Transmittal.
Aggregate
Principal Acceptance Principal Amount
CUSIP Title of Amount Priority Tendered as of
Number Security Outstanding Level Early Tender Date
74834LAK6 5.125% $400,000,000 1 $173,572,000
Senior
Notes
due 2010
74834LAE0 7.50% $275,000,000 2 $48,720,000
Senior
Notes
due 2011
Because the aggregate principal amount of the 5.125% Senior Notes due 2010
validly tendered and not validly withdrawn as of the Early Tender Date does
not exceed the Tender Cap, the amount of each series of Notes that may be
purchased in the tender offer will be determined in accordance with the Tender
Cap and the Acceptance Priority Levels based on the principal amount of the
Notes tendered as of midnight, New York City time, on June 16, 2009, unless
extended. The Notes may be subject to proration, in each case as described in
the Offer to Purchase and related Letter of Transmittal.
The settlement date in respect of Notes validly tendered and not validly
withdrawn and accepted for purchase is expected to occur on the second
business day following the Expiration Date.
Quest Diagnostics has retained Banc of America Securities LLC to act as
Lead Dealer Manager and Calyon Securities (USA) Inc. and Mitsubishi UFJ
Securities (USA), Inc. to serve as Co-Dealer Managers. Global Bondholder
Services Corporation has been retained to serve as the depositary and the
information agent for the tender offer.
For additional information regarding the terms of the tender offer, please
contact: Banc of America Securities LLC at (888) 292-0070 (toll free) or (980)
388-4603 (collect).
Requests for documents and questions regarding the tendering of Notes may
be directed to Global Bondholder Services Corporation at (866) 470-3800 (toll
free).
About Quest Diagnostics
Quest Diagnostics is the world's 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 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
diagnostic tests and advanced healthcare information technology solutions that
help improve patient care. Additional company information is available at
www.QuestDiagnostics.com.
The statements in this press release which are not historical facts may be
forward-looking statements. Readers are cautioned not to place undue reliance
on forward-looking statements, which speak only as of the date that they are
made and which reflect management's current estimates, projections,
expectations or beliefs and which involve risks and uncertainties that could
cause actual results and outcomes to be materially different. Risks and
uncertainties that may affect the future results of the company include, but
are not limited to, adverse results from pending or future government
investigations, lawsuits or private actions, the competitive environment,
changes in government regulations, changing relationships with customers,
payers, suppliers and strategic partners and other factors discussed in
"Business" in Part I, Item 1, "Risk Factors" and "Cautionary Factors that May
Affect Future Results" in Part I, Item 1A, "Legal Proceedings" in Part I, Item
3, "Management's Discussion and Analysis of Financial Condition and Results of
Operations" in Part II, Item 7 and "Quantitative and Qualitative Disclosures
About Market Risk" in Part II, Item 7A in the company's 2008 Annual Report on
Form 10-K and "Management's Discussion and Analysis of Financial Condition and
Results of Operations" and "Quantitative and Qualitative Disclosures About
Market Risk" in the company's 2009 Quarterly Report on Form 10-Q and other
items throughout the Form 10-K and the company's 2009 Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K.
SOURCE Quest Diagnostics Incorporated
CONTACT: Wendy Bost (Media), +1-973-520-2800; or Laure Park (Investors),
+1-973-520-2900
Web Site: http://www.questdiagnostics.com
(DGX)