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Fortrea Holdings Launches New Financial Strategy and Programs
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Fortrea Holdings Launches New Financial Strategy and Programs

The latest update is out from Fortrea Holdings Inc. (FTRE).

Fortrea Holdings Inc. has embarked on a new financial strategy by initiating a three-year, $300 million receivables securitization program with PNC Bank, enhancing liquidity and financial flexibility. The program involves their subsidiary selling receivables to a special purpose entity (SPE), which may then sell these to investors. Simultaneously, the company has restructured its existing credit agreement, altering financial covenants to afford greater leeway in leverage and interest coverage ratios. This move, coupled with the termination of a prior $80 million receivables purchase program, underscores Fortrea’s strategic financial management aimed at strengthening their balance sheet and funding potential.

For detailed information about FTRE stock, go to TipRanks’ Stock Analysis page.

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