Fortrea prices $570M senior secured notes at 7.5% due 2030 for spinoff funding

Fortrea Holdings Inc.

$570M senior secured notes priced at 7.500% interest, maturing July 1, 2030.
Proceeds to fund portion of $1.605B cash distribution to Labcorp and transaction fees.
Notes held in escrow; spinoff closing required, else mandatory redemption by Sept 30, 2023.
Closing expected June 27, 2023 subject to customary conditions.

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