Daily News: June 5, 2019

BofA Agents $850MM Term Loan for LabCorp

LabCorp closed a two-year term loan credit facility in the principal amount of $850 million. Bank of America  acted as administrative agent on the facility.

The proceeds from the borrowings will be used for general corporate purposes, including to repay other indebtedness and in connection with the previously announced acquisition of the nonclinical research services business of Envigo International Holdings. The entire $850 million principal amount of the new term loan facility was advanced on June 3, 2019, with approximately $250 million of the proceeds being applied to repay a portion of amounts outstanding under LabCorp’s prior term loan credit facility entered into on September 15, 2017.

LabCorp is a global life sciences company that is deeply integrated in guiding patient care, providing comprehensive clinical laboratory and end-to-end drug development services.