BlackRock Successfully Prices $3 Billion Offering of Senior Notes

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 [phone], from BofA Securities, Inc. toll-free at [phone], from Citigroup Global Markets Inc. toll-free at [phone] and from J.P. Morgan Securities LLC toll-free at [phone].

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.