LabCorp amended its senior revolving credit facility with Bank of America as administrative agent to provide up to $1 billion with the ability to increase the amount by $350 million.

According to a related 8-K filing, the amended facility also provides for a subfacility of up to $100 million for swingline borrowings and a subfacility of up to $150 million for issuances of letters of credit.

Bank of America is acting as swing line lender, a letter of credit issuer and as administrative agent for the revolver.

The amended and restated revolving credit facility is permitted to be used for general corporate purposes, including working capital, capital expenditures, funding of share repurchases and certain other payments, acquisitions and other investments, and repayment of indebtedness.

The company also entered into a five-year term loan credit facility in the principal amount of $750 million with Bank of America as administrative agent. The term loan credit facility is permitted to be used for general corporate purposes and to pay fees and expenses incurred in connection with closing the new credit facilities.