ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On June 16, 2009 Covance Inc. (the "Company") entered into a Credit Agreement with PNC Bank, National Association, as agent, and the banks named therein (the "Credit Agreement"). The Credit Agreement replaces the Company's previous credit facility which was due to expire on June 30, 2009 and provides for a revolving credit facility of up to $150,000,000 for a term of three years. The Credit Agreement contains various financial and other covenants and is backed by guarantees of certain of the Company's domestic subsidiaries and is collateralized by a pledge of 65 percent of the capital stock of certain of the Company's foreign subsidiaries. Interest on outstanding borrowings under the Credit Agreement varies in accordance with the terms of the Credit Agreement and is presently based upon the London Interbank Offered Rate plus 200 basis points.
At June 16, 2009, there were $55,000,000 of outstanding borrowings and $1,350,000 of outstanding letters of credit under the Credit Agreement. The Credit Agreement is filed as an Exhibit to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

10.1 Credit Agreement dated June 16, 2009 with PNC Bank, National Association, as agent, and the banks named therein.

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