Summary by Moomoo AI
On July 26, 2024, BlackRock Funding, Inc., a subsidiary of BlackRock, completed a public offering of $2.5 billion in notes. The offering includes $800 million of 4.600% Notes due 2027, $500 million of 4.900% Notes due 2035, and $1.2 billion of 5.350% Notes due 2055. The notes are fully guaranteed by BlackRock and will primarily fund the proposed acquisition of Preqin Holding Limited.The Preqin Transaction is expected to close before year-end 2024, subject to regulatory approvals and customary conditions. If the acquisition is not completed by September 2, 2025, or an agreed-upon later date, BlackRock Funding must redeem all outstanding 2027 Notes at 101% of the principal amount plus accrued interest. In this case, proceeds from the 2035 and 2055 Notes will be used for general corporate purposes.The notes offer redemption options, including a "make-whole" redemption prior to their respective Par Call Dates and a 100% principal redemption after these dates. The indenture includes standard events of default and requirements for potential consolidation or asset sale scenarios involving BlackRock or BlackRock Funding.