LH - Labcorp launches senior secured notes offering

2023-06-08 09:27:51 ET

• Life sciences company Labcorp ( NYSE: LH ) has launched an offering of senior secured notes due 2030, in connection with the spinoff of Fortrea into a separate publicly traded company.
• The proceeds are intended to be used to fund a portion of an expected ~$1.6B cash distribution to Labcorp as partial consideration for the assets that will be contributed to Fortrea in connection with the spinoff.
• The proceeds will also be used to fund a portion of the fees and expenses related to this offering and the transactions related to the spinoff.
• The offering is expected to close on or about June 27.
• LH shares were trading -0.24% pre-market.
• Source: Press Release

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