Fortrea announces debt tender offer for up to $75.7M aggregate purchase price

Fortrea (FTRE) commenced a debt tender offer to purchase for cash up to $75,744,000 in aggregate purchase price of the Company’s outstanding 7.500% Senior Secured Notes due 2030. The Tender Offer is being made pursuant to, and is subject to the satisfaction or waiver of the terms and conditions set forth in the Offer to Purchase, dated October 20. The principal purpose of the Tender Offer is to acquire outstanding Notes to comply with relevant provisions of the indenture between the Company and U.S. Bank Trust Company, National Association, as trustee that governs the Notes. As previously disclosed, the Indenture contains covenants that require the Company to offer to utilize a prorated portion of the net proceeds from the Company’s divestiture of its Fortrea Patient Access and Endpoint Clinical businesses, completed in June 2024, to repurchase a portion of the outstanding Notes. The Company expects to fund the tender offer consideration with cash on hand and/or other sources of liquidity. The tender offer will expire at 5:00 p.m., New York City time, on November 18, 2025, unless extended or terminated.