Cahill Represents Financing Sources in $2.09 Billion of Debt Financings, Consisting of a $570 Million Notes Offering and $1.52 Billion in Credit Facilities for Fortrea Holdings Inc.
Date: 06/30/23
Cahill represented the initial purchasers in connection with a Rule 144A offering of $570,000,000 aggregate principal amount of 7.500% senior secured notes due 2030 by Fortrea Holdings Inc. (“Fortrea”). Cahill also represented the lead arrangers in connection with a $500,000,000 term A credit facility, a $570,000,000 term B credit facility and a $450,000,000 revolving credit facility for Fortrea. Proceeds from the notes and the credit facilities will be used to fund a cash distribution to Laboratory Corporation of America Holdings (“Labcorp”) as partial consideration for the assets contributed to Fortrea in connection with its spin-off from Labcorp and to pay fees and expenses related to spin-off. Fortrea is a leading global provider of clinical development and patient access solutions to the life sciences industry.