Fitch rates Emerald notes BB+

Fitch Ratings said it published expected BB+/RR2 ratings for the planned senior secured notes to be issued by Emerald Debt Merger Sub LLC. Emerald is an affiliate of Blackstone Capital Partners VIII LP, formed for the purpose of acquiring Emerson Electric Co.’s climate technologies business (Copeland).

The issuer is expected to become Emrld Borrower LP, a newly formed entity owned by Blackstone and Emerson Electric after the acquisition is completed.

“The senior secured notes are rated at the same level as the previously announced term loan B and one notch above Emerald's expected issuer default rating (IDR) of BB(EXP),” Fitch said in a press release.

The proceeds will be used to cover a portion of the acquisition costs for Copeland.

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