<SEC-DOCUMENT>0000947871-19-000946.txt : 20191209
<SEC-HEADER>0000947871-19-000946.hdr.sgml : 20191209
<ACCEPTANCE-DATETIME>20191209171615
ACCESSION NUMBER:		0000947871-19-000946
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20191209
DATE AS OF CHANGE:		20191209

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QUEST DIAGNOSTICS INC
		CENTRAL INDEX KEY:			0001022079
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MEDICAL LABORATORIES [8071]
		IRS NUMBER:				161387862
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-232138
		FILM NUMBER:		191275999

	BUSINESS ADDRESS:	
		STREET 1:		500 PLAZA DRIVE
		CITY:			SECAUCUS
		STATE:			NJ
		ZIP:			07094
		BUSINESS PHONE:		9735202700

	MAIL ADDRESS:	
		STREET 1:		500 PLAZA DRIVE
		CITY:			SECAUCUS
		STATE:			NJ
		ZIP:			07094

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORNING CLINICAL LABORATORIES INC
		DATE OF NAME CHANGE:	19960903

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QUEST DIAGNOSTICS INC
		CENTRAL INDEX KEY:			0001022079
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MEDICAL LABORATORIES [8071]
		IRS NUMBER:				161387862
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		500 PLAZA DRIVE
		CITY:			SECAUCUS
		STATE:			NJ
		ZIP:			07094
		BUSINESS PHONE:		9735202700

	MAIL ADDRESS:	
		STREET 1:		500 PLAZA DRIVE
		CITY:			SECAUCUS
		STATE:			NJ
		ZIP:			07094

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORNING CLINICAL LABORATORIES INC
		DATE OF NAME CHANGE:	19960903
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: right"><B><I>Free Writing Prospectus</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: right"><B><I>Filed pursuant to Rule 433</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: right"><B><I>December 9, 2019</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: right"><B><I>Registration Statement No. 333-232138</I></B></P>



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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>FINAL TERM SHEET</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><I>Dated December 9, 2019</I></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$800,000,000</B></P>



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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Quest Diagnostics Incorporated</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>$800,000,000 2.950% Senior Notes
due 2030&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Issuer:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">Quest Diagnostics Incorporated</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Trade Date:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">December 9, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Original Issue Date (Settlement):</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">December 16, 2019 (T+5)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Interest Accrual Date:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">December 16, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Ratings:*</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">Moody&rsquo;s: Baa2;&nbsp;&nbsp;S&amp;P: BBB+; Fitch: BBB</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Principal Amount:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">$800,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Maturity Date:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">June 30, 2030</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Issue Price (Price to Public):</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">99.738%&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Yield:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">2.979%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Interest Rate:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">2.950% per annum</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Interest Payment Period:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">Semi-annual</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Interest Payment Dates:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">Each June 30 and December 30, commencing June&nbsp;30,&nbsp;2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Treasury Benchmark:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">1.750% due November 15, 2029</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Spread to Benchmark:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">T+115 bps</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Benchmark Yield:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">1.829%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Optional Redemption:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Prior to March 30, 2030 (three months prior to their maturity date)
        (the &ldquo;par call date&rdquo;), the Notes will be redeemable, as a whole or in part, at the option of the Issuer, on at least
        15 days, but not more than 60 days, prior notice mailed to the registered address of each holder of the Notes, at a redemption
        price equal to the greater of:</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 13.5pt; text-indent: -9pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;&#9;</FONT>100%
        of principal amount of the Notes to be redeemed, and</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 13.65pt; text-indent: -9.35pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;&#9;</FONT>
        the         sum of the present values of the remaining scheduled payments through the par call date discounted, on a
        semiannual basis, assuming         a 360-day year consisting of twelve 30-day months, at the applicable treasury rate plus 20
        basis points,</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">plus accrued interest to, but excluding, the date of redemption
        which has not been paid.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">On or after the par call date, the Notes will be redeemable, as
        a whole at any time or in part from time to time, at the option of the Issuer, at a redemption price equal to 100% of the principal
        amount of the Notes being redeemed plus accrued interest to, but excluding, the date of redemption which has not been paid.</P></TD></TR>
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    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>CUSIP:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">74834L BB5</TD></TR>
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    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>ISIN:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">US74834LBB53</TD></TR>
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    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Joint Book-Running Managers:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">J.P. Morgan Securities LLC<BR>
Morgan Stanley &amp; Co. LLC<BR>
Wells Fargo Securities, LLC<BR>
Goldman Sachs &amp; Co. LLC<BR>
Mizuho Securities USA LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Co-Managers:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Credit Agricole Securities (USA) Inc.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">MUFG Securities Americas Inc.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Fifth Third Securities, Inc.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">PNC Capital Markets LLC</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">BofA Securities, Inc.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">KeyBanc Capital Markets Inc.</P></TD></TR>
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    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Conflicts of Interest:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">The Issuer intends to use the net proceeds of the offering to repay at maturity or redeem its 4.75% Senior Notes due 2020 and 2.50% Senior Notes due 2020 pursuant to the applicable provisions of the indenture governing these notes. Certain of the underwriters (or their affiliates) may hold and would receive a portion of the proceeds from this offering if such notes were to be redeemed. If any one underwriter, together with its affiliates, were to receive 5% or more of the net proceeds of this offering by reason of the redemption, such underwriters would be deemed to have a &ldquo;conflict of interest&rdquo; within the meaning of Rule 5121 of the Financial Industry Regulatory Authority, Inc. (&ldquo;Rule 5121&rdquo;). Accordingly, this offering will be conducted in accordance with Rule 5121. No underwriter with a &ldquo;conflict of interest&rdquo; under Rule 5121 will confirm sales to any account over which it exercises discretion without the specific written approval of the account holder.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Global Settlement:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">Through The Depository Trust Company, Euroclear or Clearstream, Luxembourg.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>The issuer expects that delivery of the notes will be
made on or about the Original Issue Date (Settlement), which is five business days following the pricing of the notes (this settlement
cycle being referred to as &ldquo;T+5&rdquo;). Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally
are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers
who wish to trade notes on the date of pricing will be required, by virtue of the fact that the notes will settle in T+5, to specify
an alternative settlement cycle at the time of any such trade to prevent a failed settlement; such purchasers should also consult
their own advisors in this regard.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>*Note: A securities rating is not a recommendation to
buy, sell or hold securities and may be subject to revision or withdrawal at any time.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>The Issuer has filed a registration statement (including
a prospectus and a prospectus supplement) with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for the offering
to which this communication relates. Before you invest, you should read the prospectus and the prospectus supplement in that registration
statement and other documents the Issuer has filed with the SEC for more complete information about the issuer and this offering.
You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Issuer, any underwriter
or any dealer participating in the offering will arrange to send you the prospectus and the prospectus supplement if you request
it by calling J.P. Morgan Securities LLC collect at 1-212-834-4533; Morgan Stanley &amp; Co. LLC toll-free at 1-866-718-1649; and
Wells Fargo Securities, LLC toll free at 1-800-645-3751.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I></I></P>

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