BlackRock Successfully Prices $3 Billion Debt Offering for GIP Transaction

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BlackRock has announced the successful pricing of a $3 billion debt offering comprising three tranches of senior unsecured notes:

These notes will be issued by BlackRock’s wholly owned subsidiary, BlackRock Funding, Inc., and will be fully guaranteed on a senior unsecured basis by BlackRock. The net proceeds from the offering will be used to fund a portion of the cash consideration for BlackRock’s proposed acquisition of the business and assets of Global Infrastructure Management
Notably, the Notes will be subject to special mandatory redemption under certain circumstances if the GIP Transaction does not materialize. In such an event, the proceeds from the 2054 Notes will be allocated for general corporate purposes, potentially including the repayment of outstanding indebtedness.

The offering is slated to close on March 14, 2024, subject to customary closing conditions. Morgan Stanley & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc., and J.P. Morgan Securities LLC are serving as joint book-running managers for the offering.

This debt offering is conducted under an effective shelf registration statement and prospectus, along with a related preliminary prospectus supplement filed by BlackRock Funding and BlackRock with the Securities and Exchange Commission (SEC). Investors are advised to review these documents along with the shelf registration statement for comprehensive information about BlackRock and the offering.

It’s important to note that this press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, including the Notes, and sales of the described securities will comply with applicable securities laws.