BlackRock, Inc. (NYSE: BLK) (“BlackRock”) today successfully
priced a $2.5 billion debt offering consisting of three tranches of
senior unsecured notes (collectively, the “Notes”):
$800,000,000 aggregate principal amount of 4.600% Notes due
2027
$500,000,000 aggregate principal amount of 4.900% Notes due
2035
$1,200,000,000 aggregate principal amount of 5.350% Notes due
2055
The Notes will be issued by BlackRock’s wholly owned subsidiary,
BlackRock Funding, Inc. (“BlackRock Funding”), and will be fully
and unconditionally guaranteed on a senior unsecured basis by
BlackRock. BlackRock intends to use the net proceeds of the
offering to fund a portion of the cash consideration for
BlackRock’s proposed acquisition of Preqin Holding Limited
(“Preqin” and the “Preqin Transaction”). The 2027 Notes will be
subject to a special mandatory redemption (at a price equal to 101%
of the aggregate principal amount of such series of Notes) under
certain circumstances if the Preqin Transaction is not consummated.
In the event of a special mandatory redemption, the proceeds of the
2035 Notes and 2055 Notes will be used for general corporate
purposes, which may include repayment of outstanding
indebtedness.
The closing of the offering is expected to occur on July 26,
2024, subject to satisfaction of customary closing conditions.
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, BofA
Securities, Inc. and Wells Fargo Securities, LLC are acting as
joint book-running managers for the offering.
This offering is being made pursuant to an effective shelf
registration statement and prospectus and a related preliminary
prospectus supplement filed by BlackRock Funding and BlackRock with
the Securities and Exchange Commission (the “SEC”). Before
investing, potential investors should read the prospectus and the
related preliminary prospectus supplement, the shelf registration
statement and other documents that BlackRock has filed with the SEC
for more complete information about BlackRock and this
offering.
Copies of the prospectus supplement and related prospectus for
this offering can be obtained from Morgan Stanley & Co. LLC
toll-free at (866) 718-1649, from J.P. Morgan Securities LLC
toll-free at (212) 834-4533, from BofA Securities, Inc. toll-free
at (800) 294-1322 and from Wells Fargo Securities, LLC toll-free at
(800) 645-3751.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, including the
Notes. There shall not be any sale of the securities described
herein in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other
jurisdiction.
About BlackRock
BlackRock’s purpose is to help more and more people experience
financial well-being. As a fiduciary to investors and a leading
provider of financial technology, we help millions of people build
savings that serve them throughout their lives by making investing
easier and more affordable.
Special Note Regarding Forward-Looking Statements
This press release, and other statements that BlackRock may
make, may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act, with respect to
BlackRock’s future financial or business performance, strategies or
expectations, including the anticipated timing, consummation and
expected benefits of the proposed acquisitions of Preqin and Global
Infrastructure Management, LLC (“GIP” or the “GIP Transaction” and
together with the Preqin Transaction, the “Transactions”).
Forward-looking statements are typically identified by words or
phrases such as “trend,” “potential,” “opportunity,” “pipeline,”
“believe,” “comfortable,” “expect,” “anticipate,” “current,”
“intention,” “estimate,” “position,” “assume,” “outlook,”
“continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and
similar expressions, or future or conditional verbs such as “will,”
“would,” “should,” “could,” “may” and similar expressions.
BlackRock cautions that forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time and may contain information that is not purely historical in
nature. Such information may include, among other things,
projections and forecasts. There is no guarantee that any forecasts
made will come to pass. Forward-looking statements speak only as of
the date they are made, and BlackRock assumes no duty to and does
not undertake to update forward-looking statements. Actual results
could differ materially from those anticipated in forward-looking
statements and future results could differ materially from
historical performance.
BlackRock has previously disclosed risk factors in its SEC
reports. These risk factors and those identified elsewhere in this
press release, among others, could cause actual results to differ
materially from forward-looking statements or historical
performance and include: (1) the introduction, withdrawal, success
and timing of business initiatives and strategies; (2) changes and
volatility in political, economic or industry conditions, the
interest rate environment, foreign exchange rates or financial and
capital markets, which could result in changes in demand for
products or services or in the value of assets under management;
(3) the relative and absolute investment performance of BlackRock’s
investment products; (4) BlackRock’s ability to develop new
products and services that address client preferences; (5) the
impact of increased competition; (6) the impact of future
acquisitions or divestitures, including the Transactions; (7)
BlackRock’s ability to integrate acquired businesses successfully,
including the Transactions; (8) risks related to the Transactions,
including the expected closing dates of the Transactions, the
possibility that one or both of the Transactions do not close,
including, but not limited to, due to the failure to satisfy their
respective closing conditions, the possibility that expected
synergies and value creation from either of the Transactions will
not be realized, or will not be realized within the expected time
period, and impacts to business and operational relationships
related to disruptions, from the Transactions; (9) the unfavorable
resolution of legal proceedings; (10) the extent and timing of any
share repurchases; (11) the impact, extent and timing of
technological changes and the adequacy of intellectual property,
data, information and cybersecurity protection; (12) the failure to
effectively manage the development and use of artificial
intelligence; (13) attempts to circumvent BlackRock’s operational
control environment or the potential for human error in connection
with BlackRock’s operational systems; (14) the impact of
legislative and regulatory actions and reforms, regulatory,
supervisory or enforcement actions of government agencies and
governmental scrutiny relating to BlackRock; (15) changes in law
and policy and uncertainty pending any such changes; (16) any
failure to effectively manage conflicts of interest; (17) damage to
BlackRock’s reputation; (18) increasing focus from stakeholders
regarding environmental, social and governance matters; (19)
geopolitical unrest, terrorist activities, civil or international
hostilities, and other events outside BlackRock’s control,
including wars, natural disasters and health crises, which may
adversely affect the general economy, domestic and local financial
and capital markets, specific industries or BlackRock; (20)
climate-related risks to BlackRock’s business, products, operations
and clients; (21) the ability to attract, train and retain highly
qualified and diverse professionals; (22) fluctuations in the
carrying value of BlackRock’s economic investments; (23) the impact
of changes to tax legislation, including income, payroll and
transaction taxes, and taxation on products, which could affect the
value proposition to clients and, generally, the tax position of
BlackRock; (24) BlackRock’s success in negotiating distribution
arrangements and maintaining distribution channels for its
products; (25) the failure by key third-party providers of
BlackRock to fulfill their obligations to BlackRock; (26)
operational, technological and regulatory risks associated with
BlackRock’s major technology partnerships; (27) any disruption to
the operations of third parties whose functions are integral to
BlackRock’s exchange-traded funds platform; (28) the impact of
BlackRock electing to provide support to its products from time to
time and any potential liabilities related to securities lending or
other indemnification obligations; and (29) the impact of problems,
instability or failure of other financial institutions or the
failure or negative performance of products offered by other
financial institutions.
BlackRock’s Annual Report on Form 10–K and BlackRock’s
subsequent filings with the SEC discuss these factors in more
detail and identify additional factors that can affect
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240717516274/en/
BlackRock Media Relations Ed Sweeney 646-231-0268
Ed.Sweeney@BlackRock.com
BlackRock Investor Relations Caroline Rodda 212-810-3442
Caroline.Rodda@BlackRock.com
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