Laboratory Corporation of America has amended and restated its existing senior revolving credit facility in the principal amount of $1 billion and entered into a five-year term loan credit facility in the principal amount of $1 billion, according to a recent filing with the U.S. Securities and Exchange Commission.

The new five-year revolving credit facility provides LabCorp with the ability to increase the facility by up to $250 million on top of the $1 billion principal amount. It also provides for a subfacility of up to $100 million for swing line borrowings and a subfacility of up to $125 million for issuances of letters of credit.

Bank of America is the swing line lender and a letter of credit issuer, as well as the administrative agent for a group of financial institutions that are providing the revolving credit facility.

The new revolving credit facility can be used for general corporate purposes, including working capital, capital expenditures, the funding of share repurchases and other certain payments, acquisitions, and other investments.

The new facility amends and restates an existing credit facility agreed to in December 2011. As of Dec. 19, there were no outstanding borrowings under the new revolving credit facility, and existing letters of credit totaling $42 million were continued under the facility, LabCorp said.

LabCorp also has entered into a new term loan credit facility with Bank of America acting as the administrative agent. The facility can be used to pay all or part of LabCorp's $6.1 billion acquisition of Covance.