LabCorp announces new term loan facility
LabCorp entered into a new Term Loan Credit Agreement, which provides for a two-year term loan credit facility in the principal amount of $850M. Bank of America, N.A. is acting as administrative agent for a group of financial institutions providing the New Term Loan Facility. The proceeds from the borrowings under the New Term Loan Facility 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 $850M principal amount of the New Term Loan Facility was advanced on June 3, with approximately $250M 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.