Life, as they say, comes at you fast. 

Several months after Blackstone leaned on eager direct lenders to back its winning bid for Emerson Electric’s climate technologies business, the sponsor is turning to the resurgent syndicated market to take out that private bridge. All before the acquisition has closed!

As before, the $14bn carve-out will create a standalone entity by the name of Copeland. But the deal will now funded by a syndicated $2.75bn seven-year TLB, replacing a $2.6bn private credit facility that was underwritten last year. 

Led by RBC, the syndicated TLB is being talked at SOFR+350bps with a 99 OID. The pricing shows how much markets have improved since last October, when the private financing was originated — according to our records, that loan carried a coupon of SOFR+675bps.