---
schema_version: "secwatch.filing_event.v1"
accession: "0001965040-24-000017"
form_type: "8-K"
ticker: "FTRE"
cik: "0001965040"
company_name: "Fortrea Holdings Inc."
filed_at: "2024-05-09T23:59:59+00:00"
generated_at: "2026-06-02T07:18:46.134065+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Fortrea enters $300M receivables facility, amends credit covenants to ease leverage through mid-2025

## Summary
- $300M receivables securitization with PNC Bank; 3-year term ending May 2027.
- Credit amendment raises max total leverage ratio to 6.00x for Q2/Q3 2024, stepping down to 5.30x by Q3 2025.
- Minimum interest coverage ratio lowered to 1.70x for Q2/Q3 2024, returning to 2.00x by Q3 2025.
- Paid consent fees; limited investments and restricted payments; divestiture proceeds must repay debt.
- Terminated existing $80M ARPP (no outstanding borrowings).

## SEC filing metadata
- accession: 0001965040-24-000017
- form_type: 8-K
- ticker: FTRE
- cik: 0001965040
- company_name: Fortrea Holdings Inc.
- filed_at: 2024-05-09T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1965040/000196504024000017/0001965040-24-000017-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1965040/000196504024000017/ftre-20240503.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001965040-24-000017
- JSON: https://secwatch.observer/filing/0001965040-24-000017.json
- Plain text: https://secwatch.observer/filing/0001965040-24-000017.txt

## Key facts
- Debt Financings
  Fortrea Holdings Inc. incurred debt of $300 million with PNC Bank, National Association at one-month term secured overnight financing rate maturing May 6, 2027.
  - Principal: $300 million
  - Counterparty: PNC Bank, National Association
  - Rate: one-month term secured overnight financing rate
  - Maturity: May 6, 2027
  - Event: incurrence
  source text: Fortrea Holdings Inc. (the “Company”), Fortrea Receivables LLC, a special purpose entity (the “SPE”) that is a wholly-owned indirect subsidiary of the Company, and Fortrea Inc., as originator (the “Originator”) and servicer (the “Servicer”), entered into a three-year, $300 million receivables securitization program (the “Receivables Facility”) with PNC Bank, National Association, as administrative agent (the “Administrative Agent”) and initial purchaser
  evidence_url: https://www.sec.gov/Archives/edgar/data/1965040/000196504024000017/0001965040-24-000017-index.htm
- Material Agreements
  Fortrea Holdings Inc. amended Credit Amendment with Goldman Sachs Bank USA (effective 2024-05-03).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Goldman Sachs Bank USA
  - Effective: 2024-05-03
  source text: on May 3, 2024, the Company entered into an amendment (the “Credit Amendment”) to modify certain financial covenants to provide the Company with additional flexibility under the Company’s credit agreement dated as of June 30, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1965040/000196504024000017/0001965040-24-000017-index.htm
- Material Agreements
  Fortrea Holdings Inc. entered into Receivables Purchase Agreement with PNC Bank, National Association valued at $300 million (effective 2024-05-06).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: PNC Bank, National Association
  - Value: $300 million
  - Effective: 2024-05-06
  source text: On May 6, 2024 (the “Closing Date”), Fortrea Holdings Inc. (the “Company”), Fortrea Receivables LLC, a special purpose entity (the “SPE”) that is a wholly-owned indirect subsidiary of the Company, and Fortrea Inc., as originator (the “Originator”) and servicer (the “Servicer”), entered into a three-year, $300 million receivables securitization program
  evidence_url: https://www.sec.gov/Archives/edgar/data/1965040/000196504024000017/0001965040-24-000017-index.htm
- Material Agreements
  Fortrea Holdings Inc. entered into Sale and Contribution Agreement with Fortrea Inc. (effective 2024-05-06).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Fortrea Inc.
  - Effective: 2024-05-06
  source text: Pursuant to a Sale and Contribution Agreement, dated as of the Closing Date, (the “Sale and Contribution Agreement”), among the Originator, the Servicer and the SPE, the Originator will sell or contribute accounts receivable and certain related assets
  evidence_url: https://www.sec.gov/Archives/edgar/data/1965040/000196504024000017/0001965040-24-000017-index.htm

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