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LabCorp secures $850M term loan facility to fund acquisition

Burlington, N.C.-based Laboratory Corp. of America Holdings entered into a $850 million loan credit facility with a two-year term.

The healthcare services provider plans to use the proceeds for general corporate purposes, including to repay debt in connection with the previously announced $485 million acquisition of Envigo Laboratories Inc.'s nonclinical contract research services business.

LabCorp will also use about $250 million to repay a portion of a previous term loan credit facility.

Bank of America NA is acting as administrative agent for a group of financial institutions providing the term loan facility.