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Tue, November 9, 2010
Mon, November 8, 2010

BlackRock Announces Pricing of Secondary Offering of Common Stock


Published on 2010-11-08 20:20:21 - Market Wire
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NEW YORK--([ BUSINESS WIRE ])--BlackRock, Inc. (the "Company") (NYSE: BLK) today announced that it has priced the secondary offering of 51,075,758 shares of its common stock, which includes 43,575,758 shares of its common stock offered by Bank of America Corporation and 7,500,000 shares of its common stock offered by The PNC Financial Services Group, Inc. at a price per share of $163.00. Bank of America Corporation has also granted the underwriters a 30-day option to purchase an additional 5,207,376 shares of the Company's common stock on the same terms and conditions, solely to cover over-allotments, if any. The shares of common stock to be sold include shares of common stock issuable upon conversion of BlackRock's Series B Preferred Stock.

BofA Merrill Lynch, Morgan Stanley & Co. Incorporated and Barclays Capital are serving as joint book-running managers for the offering.

The Company will not receive any proceeds from the secondary offering. The secondary offering will be made pursuant to a prospectus supplement to the Company's prospectus, dated September 13, 2010, filed as part of the Company's effective shelf registration statement relating to these securities.

Concurrently with the closing of this offering, Bank of America Corporation intends to sell an additional 2,453,988 shares to an institutional investor at the offering price in a direct placement registered under the Securities Act, subject to approval by the investora�s board of directors. BofA Merrill Lynch and Morgan Stanley will act as the placement agents for the direct placement.

A preliminary prospectus supplement and the accompanying base prospectus relating to the offering have been filed with the Securities and Exchange Commission and are available at its website, [ http://www.sec.gov ]. Copies of the prospectus supplement and accompanying base prospectus relating to the offering may also be obtained when available from:

BofA Merrill Lynch
4 World Financial Center
New York, NY 10080
Attn: Prospectus Department

E-mail: [ dg.prospectus_requests@baml.com ]

Morgan Stanley
180 Varick Street, 2nd Floor,
New York, NY 10014
Attention: Prospectus Dept.

Email: [ prospectus@morganstanley.com ]

Telephone: (866) 718-1649
Barclays Capital Inc.
c/o Broadridge
Integrated Distribution Services
1155 Long Island Avenue
Edgewood, NY 11717

[ Barclaysprospectus@broadridge.com ]

Telephone: 1 (888) 603-5847

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any offer of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At September 30, 2010, BlackRock's AUM was $3.446 trillion. BlackRock offers products that span the risk spectrum to meet clients' needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions. Headquartered in New York City, as of September 30, 2010, the firm has approximately 8,900 employees in 24 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at [ http://www.blackrock.com ].

Forward-Looking Statements

This report, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock's future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

In addition to risk factors previously disclosed in BlackRock's Securities and Exchange Commission ("SEC") reports and those identified elsewhere in this report the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock's investment products; (4) the impact of increased competition; (5) the impact of capital improvement projects; (6) the impact of future acquisitions or divestitures; (7) the unfavorable resolution of legal proceedings; (8) the extent and timing of any share repurchases; (9) the impact, extent and timing of technological changes and the adequacy of intellectual property protection; (10) the impact of legislative and regulatory actions and reforms, including the recently approved Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock, Barclays Bank PLC, Bank of America Corporation, Merrill Lynch & Co., Inc. or The PNC Financial Services Group, Inc.; (11) terrorist activities, international hostilities and natural disasters which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (12) the ability to attract and retain highly talented professionals; (13) fluctuations in the carrying value of BlackRock's economic investments; (14) the impact of changes to tax legislation and, generally, the tax position of the Company; (15) BlackRock's success in maintaining the distribution of its products; (16) the impact of BlackRock electing to provide support to its products from time to time; (17) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (18) the ability of BlackRock to integrate the operations of Barclays Global Investors.

BlackRock's Annual Reports on Form 10-K and BlackRock's subsequent filings with the SEC, accessible on the SEC's website at [ http://www.sec.gov ] and on BlackRock's website at [ http://www.blackrock.com ], discuss these factors in more detail and identify additional factors that can affect forward-looking statements. The information contained on our website is not a part of this press release.

Contributing Sources