Fortrea repays $275M in term loans, plans $200M more via $300M receivables securitization

Fortrea Holdings Inc.

Repaid $129M on June 14 and $146M on June 18, total $275M principal reduction on term loans.
On June 20, Fortrea Receivables LLC sold receivables, received $300M under securitization program.
Intends to apply up to $200M of securitization proceeds to further reduce term loans before Q2 end.
Estimated debt as of June 30, 2024: $1,142M ($570M senior notes + $572M term loans).
Company intends to fully utilize the $300M receivables securitization program for the foreseeable future.

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