BlackRock, Inc. (NYSE: BLK) (“BlackRock”) today successfully
priced a $3 billion debt offering consisting of three tranches of
senior unsecured notes (collectively, the “Notes”):
$500 million aggregate principal amount of 4.70% Notes due
2029
$1 billion aggregate principal amount of 5.00% Notes due
2034
$1.5 billion aggregate principal amount of 5.25% Notes due
2054
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 the business and assets of
Global Infrastructure Management, LLC (“GIP” and the “GIP
Transaction”). The Notes, other than the Notes due 2054, 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 GIP Transaction is not consummated. In
the event of a special mandatory redemption, the proceeds of the
2054 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 March 14,
2024, subject to satisfaction of customary closing conditions.
Morgan Stanley & Co. LLC, BofA Securities, Inc., Citigroup
Global Markets Inc. and J.P. Morgan 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 BofA Securities, Inc. toll-free
at (800) 294-1322, from Citigroup Global Markets Inc. toll-free at
(800) 831-9146 and from J.P. Morgan Securities LLC toll-free at
(866) 803-9204.
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. 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. 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 acquisition of GIP; (7)
BlackRock’s ability to integrate acquired businesses successfully,
including GIP; (8) risks related to the GIP Transaction, including
the possibility that the GIP Transaction does not close, the
failure to satisfy the closing conditions, the possibility that
expected synergies and value creation from the GIP Transaction 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 GIP Transaction; (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 ESG 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 the Company; (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 the Company; (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/20240305729129/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
BlackRock (NYSE:BLK)
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