Financing for Labcorp’s Fortrea spinoff deal to include $570 million of secured debt

By Paul A. Harris

Portland, Ore., May 31 – Financing for Labcorp’s spinoff of biopharmaceutical products and medical device supplier Fortrea will include $570 million of secured debt, according to a market source.

The debt package backing the deal will also include $1.52 billion of credit facilities set to kick off on a Thursday lender call via arrangers Goldman Sachs and Barclays.

The spinoff is expected to close during the middle part of the present year.

Durham, N.C.-based Fortrea is expected to make a $1.605 billion cash distribution to Labcorp as partial consideration for the assets to be contributed in the spinoff.

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