BlackRock’s $3 Billion Offering

Cleary Gottlieb represented the underwriters, led by Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan, in BlackRock’s offering of $3 billion aggregate principal amount of senior unsecured notes.

The notes will be issued by BlackRock’s wholly owned subsidiary, BlackRock Funding Inc., and will be fully and unconditionally guaranteed on a senior unsecured basis by BlackRock Inc.

The offering was comprised of $500 million of 4.7% senior notes due 2029, $1 billion of 5% senior notes due 2034, and $1.5 billion of 5.25% senior notes due 2054.

The offering priced on March 5, 2024, and is expected to close on March 14, 2024.

BlackRock is the world’s largest publicly traded investment management firm. As of December 31, 2023, BlackRock had more than $10 trillion of assets under management.