UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Item 1.01 Entry into a Material Definitive Agreement
On December 16, 2019, Quest Diagnostics Incorporated (the “Company”) issued $800,000,000 aggregate principal amount of 2.950% senior notes due 2030 (the “Notes”).
The Company will pay interest on the Notes on June 30 and December 30 of each year, beginning on June 30, 2020.
The Notes will mature on June 30, 2030. The Notes will be the senior unsecured obligations of the Company and will rank equally with the Company’s other and future senior unsecured obligations. The Notes will not be entitled to the benefit of any sinking fund.
The Notes were issued pursuant to an indenture dated as of June 27, 2001 among the Company, the guarantors (as defined therein) and The Bank of New York Mellon, as trustee (the “Trustee”), as supplemented from time to time, and as further supplemented by a twentieth supplemental indenture dated as of December 16, 2019 between the Company and the Trustee (collectively, the “Indenture”). The Indenture contains covenants that, among other things, will limit the ability of the Company and any subsidiary guarantors to create certain liens; enter into certain sale and leaseback transactions; consolidate, merge or transfer all or substantially all of the Company’s assets and the assets of the Company’s subsidiaries on a consolidated basis; incur indebtedness of non-guarantor subsidiaries; and make restricted payments to certain non-guarantor subsidiaries. The Indenture provides for customary events of default. Upon a change of control triggering event (as defined in the Indenture), the Company will be required to make an offer to purchase the Notes at a price equal to 101% of their principal amount plus accrued and unpaid interest to, but excluding, the date of repurchase.
The foregoing description of the Indenture does not purport to be complete and is qualified in its entirety by reference to the text of the applicable agreements, each of which is included as an exhibit to this Current Report on Form 8-K and incorporated by reference herein.
A copy of the opinion of Shearman & Sterling LLP, counsel to the Company, relating to the legality of the Notes is filed as Exhibit 5.1 to this Report.
Item 8.01 Other Events
On December 16, 2019, the Company notified The Bank of New York Mellon, as trustee under the Indenture governing its $500,000,000 aggregate principal amount of 4.75% senior notes due 2020 (the “4.75% Notes”) and $300,000,000 aggregate principal amount of 2.50% senior notes due 2020 (the “2.50% Notes”), that it will redeem all of the issued and outstanding 4.75% Notes and 2.50% Notes on January 15, 2020 pursuant to the Indenture. The 4.75% Notes and 2.50% Notes will be redeemed at a redemption price calculated in accordance with the Indenture, plus accrued and unpaid interest to, but excluding, the date of redemption. This Current Report on Form 8-K is not a notice of redemption.
Item 9.01 Financial Statements and Exhibits
* Filed herewith.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| December 17, 2019 | ||
| QUEST DIAGNOSTICS INCORPORATED | ||
| By: | /s/ William J. O’Shaughnessy, Jr. | |
| William J. O’Shaughnessy, Jr. | ||
| Deputy General Counsel and Corporate Secretary | ||