Copeland trims term loan to $1.52 billion, firms OID at 99.875

By Sara Rosenberg

New York, Feb. 1 – Copeland downsized its term loan B due May 2030 to $1,519,312,500 from a revised amount of $1,569,312,500 and an initial size of $1.769 billion, according to a market source.

Also, the original issue discount on the term loan was set at 99.875, compared to initial talk of 99.75 to par for new money indications and a par issue price for existing lenders, the source said.

Pricing on the term loan remained at SOFR plus 250 basis points with a 0% floor.

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

RBC Capital Markets is the left lead on the deal.

Commitments were scheduled to be due at 4:30 p.m. ET on Thursday, after being extended from a revised deadline of 2 p.m. ET, a revised deadline of 1 p.m. ET and an initial deadline of 3 p.m. ET, the source added.

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 being paid down from $2.269 billion with senior secured notes in connection with the repricing, and the notes offering was upsized to about $750 million equivalent from a revised amount of roughly $700 million equivalent and an initial size of $500 million equivalent, resulting in the downsizing of the repriced term loan.

The notes are split between a $500 million tranche and a €230 million tranche.

Blackstone is the sponsor.

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

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