Exhibit 99.1
BlackRock Successfully Prices $2.5 Billion Offering of Senior Notes
NEW YORK, July 17, 2024 – 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.