Published on 4/27/2020 in the Prospect News Investment Grade Daily.
New Issue: BlackRock prices $1.25 billion of 1.9% senior notes due 2031 at 128 bps spread
By Cristal Cody
Tupelo, Miss., April 27 – BlackRock Inc. priced $1.25 billion of 1.9% senior notes due Jan. 28, 2031 (Aa3/AA-) at 99.644 to yield 1.937% and a spread of Treasuries plus 128 basis points on Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial guidance was in the Treasuries plus 160 bps area.
Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Barclays and Credit Suisse Securities (USA) LLC were the bookrunners.
Proceeds will be used to repay the company's 4.25% notes due 2021 and for general corporate purposes.
The investment management company is based in New York.
| Issuer: | BlackRock Inc.
|
| Amount: | $1.25 billion
|
| Description: | Senior notes
|
| Maturity: | Jan. 28, 2031
|
| Bookrunners: | Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Barclays and Credit Suisse Securities (USA) LLC
|
| Co-managers: | BBVA Securities Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, ICBC Standard Bank plc, J.P. Morgan Securities LLC, Loop Capital Markets LLC, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, Cabrera Capital Markets, LLC, CastleOak Securities, LP, Great Pacific Securities, Penserra Securities LLC and Siebert Williams Shank & Co., LLC
|
| Coupon: | 1.9%
|
| Price: | 99.644
|
| Yield: | 1.937%
|
| Spread: | Treasuries plus 128 bps
|
| Call features: | Make-whole call before Oct. 28, 2030 at Treasuries plus 20 bps; thereafter at par
|
| Trade date: | April 27
|
| Settlement date: | May 6
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 160 bps area
|
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