<SEC-DOCUMENT>0000947871-20-000449.txt : 20200511
<SEC-HEADER>0000947871-20-000449.hdr.sgml : 20200511
<ACCEPTANCE-DATETIME>20200511172710
ACCESSION NUMBER:		0000947871-20-000449
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200511
DATE AS OF CHANGE:		20200511

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:		20866161

	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>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ss173393_fwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><B><I>May 11, 2020</I></B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 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 May 11, 2020</I></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$550,000,000</B></P>

<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>$550,000,000 2.800% Senior Notes due
2031</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; width: 30%"><B>Issuer:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt; width: 70%">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">May 11, 2020</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">May 13, 2020 (T+2)</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">May 13, 2020</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">$550,000,000</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, 2031</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">99.854%&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">2.815%</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">2.800% 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 December 30, 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">1.500% due February 15, 2030</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+210 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">0.715%</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, 2031 (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
        10 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;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
        </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;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
        </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 </P>
        </TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>
<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>&nbsp;</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">

        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 13.65pt; text-indent: -9.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>applicable treasury rate plus 35 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><TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt; width: 30%"><B>CUSIP:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt; width: 70%">74834L BC3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>ISIN:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">US74834LBC37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Joint Book-Running Managers:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Goldman Sachs &amp; Co. LLC<BR>
        J.P. Morgan Securities LLC<BR>
        Mizuho Securities USA LLC</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Morgan Stanley &amp; Co. LLC</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Wells Fargo Securities, LLC</P></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">BNY Mellon 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>
	<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt; width: 30%"><B>Conflicts of Interest:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt; width: 70%">The Issuer expects to use the net proceeds from this offering for general corporate purposes, which may include the redemption or repayment of indebtedness. &nbsp;The indebtedness the Issuer may redeem or repay with the net proceeds of this offering includes its $550 million aggregate principal amount of 4.70% Senior Notes due 2021 (the &ldquo;4.70% Senior Notes&rdquo;) and outstanding borrowings under its senior unsecured revolving credit facility and its secured receivables credit facility. &nbsp;Certain of the underwriters (or their affiliates) may hold the 4.70% Senior Notes and would receive a portion of the proceeds from this offering if such notes were to be redeemed or repaid. &nbsp;In addition, certain of the
    underwriters (or their affiliates) may be lenders under the Issuer&rsquo;s senior unsecured revolving credit facility or the Issuer&rsquo;s secured receivables credit facility and would receive a portion of the proceeds from this offering if outstanding borrowings under the Issuer&rsquo;s credit facilities were to be repaid.&nbsp;&nbsp;If any one underwriter,
    </TD></TR>

</TABLE>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></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; width: 30%"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt; width: 70%">together with its affiliates, were to receive 5% or more of the net proceeds of this offering by reason of the redemption or repayment, 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; text-indent: 0in"><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; text-indent: 0in"><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 Goldman Sachs &amp; Co. LLC toll free at 1-866-471-2526; J.P. Morgan Securities LLC collect
at 1-212-834-4533 or Mizuho Securities USA LLC collect at 1-212-866-271-7403</I></P>



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

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

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

<P STYLE="margin: 0">&nbsp;</P>
<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
