S&P assigns BB- to Copeland notes

S&P said it assigned BB- issue-level rating and 3 recovery rating to Emrld Borrower LP's (Copeland) planned $2.75 billion of senior secured notes due 2030. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 55%) recovery in default.

The proposed total includes $2.25 billion of dollar-denominated notes and the equivalent of $500 million in euro-denominated notes.

The rating is the same as S&P’s on Emrld’s $2.75 billion term loan.

Emrld plans to use the proceeds to help fund the purchase of Emerson's climate technologies business (Copeland).

The outlook is stable.

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