BlackRock offers notes due 2029, 2034 and 2054 for GIP acquisition

Chicago, March 5 – BlackRock Funding, Inc. is offering three tranches of fixed-rate notes with maturities in 2029, 2034 and 2054, according to a 424B3 filing with the Securities and Exchange Commission.

BlackRock, Inc. will guarantee the notes on a senior unsecured basis.

All of the notes will be redeemable early with a make-whole premium until they are each callable at par a number of months prior to their respective maturity dates.

Morgan Stanley & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are leading the sale as bookrunners.

Bank of New York Mellon will be the trustee.

Skadden, Arps, Slate, Meagher & Flom LLP is counsel for BlackRock. Cleary Gottlieb Steen & Hamilton LLP is listed as counsel for the underwriters.

Proceeds will be used to fund a portion of the acquisition of Global Infrastructure Management, LLC. BlackRock plans to fund the cash consideration with $3 billion of total debt.

The notes due 2029 and 2034 will be subject to a special mandatory redemption at 101 if the acquisition is not consummated by the redemption end date, Jan. 12, 2025.

The investment management firm is based in New York. The issuer is a newly formed subsidiary created in connection with the acquisition.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.