Published on 5/19/2011 in the Prospect News Investment Grade Daily.
New Issue: BlackRock sells $1.5 billion of notes in two-, 10-year maturities
By Andrea Heisinger
New York, May 19 - BlackRock, Inc. sold $1.5 billion of notes (A1/A+/) in two parts on Thursday, an informed source said.
A $750 million tranche of two-year floating-rate notes priced at par to yield three-month Libor plus 30 basis points. They are non-callable.
A $750 million tranche of 4.25% 10-year notes sold at 99.428 to yield 4.321% with a spread of Treasuries plus 115 bps. The notes have a make-whole call at Treasuries plus 25 bps.
Bookrunners were Bank of America Merrill Lynch and Barclays Capital Inc.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. Inc., RBS Securities Inc., UBS Securities LLC and Wells Fargo Securities, LLC were the co-managers.
Proceeds are being used to fund the repurchase of series B preferred stock from Merrill Lynch.
The investment management company is based in New York City.
| Issuer: | BlackRock, Inc.
|
| Issue: | Notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc.
|
| Co-managers: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. Inc., RBS Securities Inc., UBS Securities LLC, Wells Fargo Securities, LLC
|
| Trade date: | May 19
|
| Settlement date: | May 24
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
|
|
| Two-year notes
|
| Amount: | $750 million
|
| Maturity: | May 24, 2013
|
| Coupon: | Three-month Libor plus 30 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 30 bps
|
| Call: | Non-callable
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Maturity: | May 24, 2021
|
| Coupon: | 4.25%
|
| Price: | 99.428
|
| Yield: | 4.321%
|
| Spread: | Treasuries plus 115 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
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