Copeland readies launch of $1.77 billion term loan for Tuesday

By Sara Rosenberg

New York, Jan. 29 – Copeland is set to hold a lender call at 10 a.m. ET on Tuesday to launch a roughly $1.769 billion term loan B due May 2030, according to a market source.

RBC Capital Markets is the left lead on the deal.

Price talk on the term loan is SOFR plus 250 basis points with a 0% floor, an original issue discount of 99.75 to par for new money indications and a par issue price for existing lenders, the source said.

The term loan has 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan B due May 2030 down from SOFR plus 300 bps with a 0% floor.

The existing term loan B is expected to be paid down by $500 million from roughly $2.269 billion with other secured debt in connection with the repricing.

Commitments are due at 3 p.m. ET on Thursday, the source added.

Blackstone is the sponsor.

Copeland is a manufacturer of mission critical, highly engineered heating, ventilation, air conditioning and refrigeration components.

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