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CVD > SEC Filings for CVD > Form 8-K on 20-Nov-2013All Recent SEC Filings

Show all filings for COVANCE INC

Form 8-K for COVANCE INC


Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant of the Company.

On November 15, 2013, Covance Inc. (the "Company") issued Senior Notes in an aggregate principal amount of $250,000,000 pursuant to the previously announced Note Purchase Agreement dated October 2, 2013 with the purchasers party thereto (the "Note Purchase Agreement"). Pursuant to the terms of the Note Purchase Agreement, the Senior Notes were issued in four series: (i) $15,000,000 of 3.25% Senior Notes, Series 2013A, due November 15, 2018; (ii) $50,000,000 of 3.90% Senior Notes, Series 2013B, due November 15, 2020, (iii) $90,000,000 of 4.50% Senior Notes, Series 2013C, due November 15, 2023, and (iv) $95,000,000 of 4.65% Senior Notes, Series 2013D, due November 15, 2025. The Senior Notes are guaranteed by certain of the Company's domestic subsidiaries and are 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. The proceeds from the Senior Notes were used to pay down existing indebtedness.

The forgoing description is qualified in its entirety by the Note Purchase Agreement, which was filed on October 8, 2013 as Exhibit 10.1 to the Company's Form 8-K and which is incorporated herein by reference.

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