<SEC-DOCUMENT>0000947871-23-001015.txt : 20231030
<SEC-HEADER>0000947871-23-001015.hdr.sgml : 20231030
<ACCEPTANCE-DATETIME>20231030170350
ACCESSION NUMBER:		0000947871-23-001015
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20231030
DATE AS OF CHANGE:		20231030

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:	333-266315
		FILM NUMBER:		231361222

	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>ss2654837_fwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Free Writing Prospectus</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>October 30, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration Statement No. 333-266315</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&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 October 30, 2023</I></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>$750,000,000 6.400% Senior Notes due 2033</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: 35%"><B>Issuer:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt; width: 65%">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">October 30, 2023</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">November 1, 2023 (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">November 1, 2023</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; 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">$750,000,000</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">November 30, 2033</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">99.947%&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">6.406%</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">6.400% 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 May 30 and November 30, commencing May 30, 2024</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">3.875% due August 15, 2033</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+153 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">4.876%</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; text-align: justify">Prior to August 30, 2033 (three months prior to their
    maturity date) (the &ldquo;Par Call Date&rdquo;), the Issuer may redeem the Notes at its option, in whole or in part, at any time and
    from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to
    the greater of:</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 13.65pt; text-align: justify; 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>(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption
    date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months),
    at the Treasury Rate plus 25 basis points less (b) accrued and unpaid interest thereon to the redemption date; and</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 13.65pt; text-align: justify; text-indent: -9.35pt"></P></TD></TR>
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<P STYLE="margin: 0">&nbsp;</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"></P>


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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt; width: 35%"><B></B></TD>
    <TD STYLE="padding: 0.05in 5.75pt; width: 65%"> </P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 13.65pt; text-align: justify; 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>100% of principal amount of the Notes to be redeemed</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">plus, in either case, accrued and unpaid interest
    thereon to the redemption date.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On or after the Par Call Date, the Issuer may redeem
    the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the
    Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>CUSIP:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt">74834L BD1</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">US74834LBD10</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>
    Mizuho Securities USA LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Morgan Stanley &amp; Co. LLC<BR>
    J.P. Morgan Securities LLC<BR>
    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 America 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">Fifth Third Securities, Inc.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">KeyBanc Capital Markets Inc.</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">BNY Mellon Capital Markets, LLC</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt"><B>Conflicts of Interest:</B></TD>
    <TD STYLE="padding: 0.05in 5.75pt; text-align: justify">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;&nbsp;The indebtedness the Issuer may redeem or repay with the net proceeds of this offering includes its $300 million aggregate principal amount of 4.25% Senior Notes due 2024 (the &ldquo;4.25% Senior Notes&rdquo;) and any outstanding borrowings under its senior unsecured revolving credit facility and its secured receivables credit facility.&nbsp;&nbsp;Certain of the underwriters (or their affiliates) may hold the 4.25% Senior Notes and would receive a portion of the proceeds from this offering if such notes were to be redeemed or repaid.&nbsp;&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, 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>
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    <TD STYLE="white-space: nowrap; padding: 0.05in 5.75pt; width: 35%">&nbsp;</TD>
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  <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; text-align: justify">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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Capitalized terms used but not defined herein
have the meanings given to them in the preliminary prospectus supplement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><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-align: justify"><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&rsquo;s 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; Mizuho Securities USA LLC toll free at 1-866-271-7403; or Morgan Stanley
&amp; Co. LLC toll free at 1-866-718-1649.</I></P>

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