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Copeland to price $500 million equivalent in dollar, euro add-ons to 2030 notes on Thursday
By Paul A. Harris
Portland, Ore., Jan. 31 – Copeland, the climate technologies business in which Blackstone acquired a majority stake from Emerson Electric Co. last year, plans to price $500 million equivalent of senior secured notes due Dec. 15, 2030 (existing ratings Ba3/BB-/BB+) on Thursday, according to a market source.
The deal was scheduled to launch on a Wednesday morning conference call with investors.
The company intends to accomplish this placement by means of bringing two Rule 144A and Regulation S for life add-on tranches to Emerald Debt Merger Sub LLC and Emerald Co-Issuer Inc. notes that came in support of the Blackstone deal. These include the dollar-denominated 6 5/8% notes ($2.275 billion priced last May), and the euro-denominated 6 3/8% notes (€455 million priced last May).
Initial talk on the euro-denominated tap is 103.5 to 104.
The notes in both tranches are non-callable until June 15, 2026.
Left bookrunner Barclays will bill and deliver. RBC Capital Markets LLC, Wells Fargo Securities LLC, SMBC Nikko Securities America Inc., BXCM, Goldman Sachs & Co. LLC, BNP Paribas Securities Corp., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Truist Securities Inc., BofA Securities Inc., MUFG Securities Americas Inc., Scotia Capital (USA) Inc., TD Securities (USA) LLC, CIBC World Markets Corp., Regions Securities LLC, Fifth Third Securities Inc. and U.S. Bancorp Investments Inc. are the joint bookrunners.
The company intends to use the proceeds to refinance a portion of its outstanding term loan B facility.
Copeland is a manufacturer of mission critical, highly engineered heating, ventilation, air conditioning and refrigeration components.
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