Labcorp unit launches senior secured notes offering

Life sciences company Labcorp (NYSE:LH) said on Thursday that its unit, Fortrea, has launched an offering of senior secured notes due 2030, in connection with its spinoff 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