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Fortrea to launch $1.52 billion credit facilities on Thursday
By Sara Rosenberg
New York, May 31 – Fortrea is set to hold a lender call at 10 a.m. ET on Thursday to launch $1.52 billion of credit facilities, according to a market source.
Goldman Sachs Bank USA and Barclays are the arrangers on the deal.
The facilities consist of a $450 million revolver, a $500 million term loan A and a $570 million term loan B, the source said.
Proceeds will be used with $570 million of other secured debt to fund the spinoff of the company from Labcorp, under which Fortrea will make an expected $1.605 billion cash distribution to Labcorp as partial consideration for the assets that will be contributed in the spinoff.
Closing is expected mid-year, subject to certain customary conditions.
Fortrea is a Durham, N.C.-based contract research organization providing comprehensive phase I through IV biopharmaceutical product and medical devices services.
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