Fortrea Holdings Inc. (FTRE): debt financing — Fortrea issues $570M notes and enters $1.52B credit facilities to fund spin-off from Labcorp

Fortrea Holdings Inc.

Issued $570M 7.500% Senior Secured Notes due 2030 at par; proceeds escrowed pending spin-off completion by Sept 30, 2023.
Entered $1.52B Senior Secured Credit Facilities: $450M revolver, $500M Term A loan, $570M Term B loan; SOFR+1.50%-3.75% spreads.
Initial borrowings of ~$1.64B (notes + term loans) to fund $1.635B special dividend to Labcorp and transaction fees.
Established $80M accounts receivable purchase program; sold $17.5M of receivables on June 28, 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Fortrea Holdings Inc. incurred senior notes of $570 million aggregate principal amount with U.S. Bank Trust Company, National Association at 7.500% per annum maturing July 1, 2030.

Instrument: senior notes
Principal: $570 million aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 7.500% per annum
Maturity: July 1, 2030
Event: incurrence

Exact text from the filing

issued $570 million aggregate principal amount of 7.500% Senior Secured Notes due 2030

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114 debt financings filed in the last 30 days. Browse all debt financings →

Fortrea Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001965040-23-000015

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