---
schema_version: "secwatch.filing_event.v1"
accession: "0001965040-23-000015"
form_type: "8-K"
ticker: "FTRE"
cik: "0001965040"
company_name: "Fortrea Holdings Inc."
filed_at: "2023-06-30T23:59:59+00:00"
generated_at: "2026-06-13T14:25:37.117298+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Fortrea issues $570M notes and enters $1.52B credit facilities to fund spin-off from Labcorp

## Summary
- 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.

## SEC filing metadata
- accession: 0001965040-23-000015
- form_type: 8-K
- ticker: FTRE
- cik: 0001965040
- company_name: Fortrea Holdings Inc.
- filed_at: 2023-06-30T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1965040/000196504023000015/0001965040-23-000015-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1965040/000196504023000015/ftre-20230627.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001965040-23-000015
- JSON: https://secwatch.observer/filing/0001965040-23-000015.json
- Plain text: https://secwatch.observer/filing/0001965040-23-000015.txt

## Key facts
- Debt Financings
  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
  source text: issued $570 million aggregate principal amount of 7.500% Senior Secured Notes due 2030
  evidence_url: https://www.sec.gov/Archives/edgar/data/1965040/000196504023000015/0001965040-23-000015-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.