Fortrea Holdings Inc. Files 8-K for Regulation FD Disclosure

TL;DR

FTRE filed an 8-K for Reg FD. Old name was Silver Spinco.

AI Summary

Fortrea Holdings Inc. filed an 8-K on June 20, 2024, reporting an event on June 14, 2024. The filing is related to Regulation FD Disclosure. Fortrea Holdings Inc. was formerly known as Silver Spinco Inc. and changed its name on February 7, 2023.

Why It Matters

This filing indicates Fortrea Holdings Inc. is making a public disclosure under Regulation FD, which ensures fair disclosure of material information to all investors.

Risk Assessment

Risk Level: low — The filing is a standard disclosure under Regulation FD and does not appear to contain any immediately concerning financial or operational information.

Key Players & Entities

• Fortrea Holdings Inc. (company) — Registrant
• Silver Spinco Inc. (company) — Former Company Name
• 20240620 (date) — Filing Date
• 20240614 (date) — Earliest Event Date
• 0001965040-24-000047 (accession_number) — SEC Filing Accession Number

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value FTRE The NASDAQ Stock Market
• $129.0 million — esses completed on June 3, 2024, repaid $129.0 million of its senior indebtedness under its te
• $146.0 million — 2024, the Company repaid an additional $146.0 million under the Term Loans. As a result, the
• $275.0 million — egate principal amount of approximately $275.0 million. On June 20, 2024, the Company's speci
• $300 million — in receivables and received proceeds of $300 million. The Company intends to apply up to $20
• $200 million — ion. The Company intends to apply up to $200 million of such proceeds to further reduce the
• $1,142 million — ent, the Company estimates it will have $1,142 million of debt, consisting of $570 million of
• $570 million — e $1,142 million of debt, consisting of $570 million of senior notes and $572 million of Ter
• $572 million — ing of $570 million of senior notes and $572 million of Term Loans as of June 30, 2024. The

Filing Documents

• ftre-20240614.htm (8-K) — 25KB
• 0001965040-24-000047.txt ( ) — 146KB
• ftre-20240614.xsd (EX-101.SCH) — 2KB
• ftre-20240614_lab.xml (EX-101.LAB) — 21KB
• ftre-20240614_pre.xml (EX-101.PRE) — 12KB
• ftre-20240614_htm.xml (XML) — 3KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On June 14, 2024, Fortrea Holdings Inc. (the "Company"), using proceeds received from the previously announced divestiture of its Fortrea Patient Access and Endpoint businesses completed on June 3, 2024, repaid $129.0 million of its senior indebtedness under its term loan facilities ("Term Loans"). On June 18, 2024, the Company repaid an additional $146.0 million under the Term Loans. As a result, the Company has reduced its outstanding debt balance by an aggregate principal amount of approximately $275.0 million. On June 20, 2024, the Company's special purpose entity, Fortrea Receivables LLC, under its previously announced receivables securitization program, sold certain receivables and received proceeds of $300 million. The Company intends to apply up to $200 million of such proceeds to further reduce the Term Loans prior to the end of the second quarter of 2024. Following this expected repayment, the Company estimates it will have $1,142 million of debt, consisting of $570 million of senior notes and $572 million of Term Loans as of June 30, 2024. The Company intends to fully utilize the receivables securitization program at approximately the $300 million level for the foreseeable future. Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information contained in, or incorporated into, Item 7.01 is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference to such filing. The furnishing of such information is not intended to constitute a representation that such furnishing is required by Regulation FD or that such information includes m

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Fortrea Holdings Inc. By: /s/ Jill McConnell Name: Jill McConnell Title: Chief Financial Officer Date: June 20, 2024

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View this 8-K filing on SEC EDGAR