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CVD > SEC Filings for CVD > Form 8-K on 8-Oct-2013All Recent SEC Filings

Show all filings for COVANCE INC

Form 8-K for COVANCE INC


Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.01. Entry into a Material Definitive Agreement.

On October 2, 2013 Covance Inc. (the "Company") entered into a Note Purchase Agreement with the purchasers party thereto (the "Note Purchase Agreement"). The terms of the Note Purchase Agreement provide that the Company will issue $250,000,000 aggregate principal amount of Senior Notes in four series:
(i) $15,000,000 3.25% Senior Notes, Series 2013A, due November 15, 2018;
(ii) $50,000,000 3.90% Senior Notes, Series 2013B, due November 15, 2020,
(iii) $90,000,000 4.50% Senior Notes, Series 2013C, due November 15, 2023, and
(iv) $95,000,000 4.65% Senior Notes, Series 2013D, due November 15, 2025. The terms of the Note Purchase Agreement provide that, subject to satisfaction of certain conditions stated in the Note Purchase Agreement, the Company will issue the Senior Notes on or about November 15, 2013. The Senior Notes will be guaranteed by certain of the Company's domestic subsidiaries and will be secured by a pledge of 65 percent of the capital stock of certain of the Company's foreign subsidiaries. The Note Purchase Agreement contains financial and other covenants by which the Company is bound.

In connection with the Note Purchase Agreement, on October 2, 2013 the Company entered into a Second Amendment to the Second Amended and Restated Credit Agreement with the PNC Bank, National Association, as agent (the "Agent"), and the banks named therein (the "Second Amendment"). The Second Amendment amends certain terms of the Company's existing Second Amended and Restated Credit Agreement dated as of March 7, 2012 with the Agent, and the banks named therein (the "Credit Agreement"), to account for the issuance of the Senior Notes and to conform certain terms in the Credit Agreement with those in the Note Purchase Agreement.

The forgoing description is qualified in its entirety by the Note Purchase Agreement and the Second Amendment, each of which is filed as an Exhibit to this Current Report on Form 8-K and each is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

10.1 Note Purchase Agreement dated October 2, 2013 between Covance Inc. and the purchasers named therein.

10.2 Second Amendment dated October 2, 2013 to the Second Amended and Restated Credit Agreement dated March 7, 2012 with PNC Bank, National Association, as agent, and the banks named therein.

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