Quest Diagnostics is planning to issue $750 million of notes to buy back other outstanding notes, The Wall Street Journal reports. The diagnostic testing company is willing to repurchase $475 million of notes.

The rest of the proceeds will be utilized for acquisitions, capital expenditures, share buybacks and other debt repayment. The company currently has a $1.57 billion debt pile, maturing through 2012, adds PR Newswire.

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