BlackRock Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement
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| Item 1.01 | Entry Into a Material Definitive Agreement. |
On April 4, 2025, BlackRock, Inc. (“BlackRock”) and certain of its subsidiaries entered into Amendment No. 16 (“Amendment No. 16”) to its Five-Year Revolving Credit Agreement, dated as of March 10, 2011, as amended by Amendment No. 1 thereto, dated as of March 30, 2012, Amendment No. 2 thereto, dated as of March 28, 2013, Amendment No. 3 thereto, dated as of March 28, 2014, Amendment No. 4 thereto, dated as of April 2, 2015, Amendment No. 5 thereto, dated as of April 8, 2016, Amendment No. 6 thereto, dated as of April 6, 2017, Amendment No. 7 thereto, dated as of April 3, 2018, Amendment No. 8 thereto, dated as of March 29, 2019, Amendment No. 9 thereto, dated as of March 31, 2020, Amendment No. 10 thereto, dated as of March 31, 2021, Amendment No. 11 thereto, dated as of December 13, 2021, Amendment No. 12 thereto, dated as of March 31, 2022, Amendment No. 13 thereto, dated as of March 31, 2023, Amendment No. 14 thereto, dated as of March 12, 2024, and Amendment No. 15 thereto, dated as of May 31, 2024 (the “Existing Credit Agreement” and, the Existing Credit Agreement as amended by Amendment No. 16, the “Credit Agreement”), with Wells Fargo Bank, National Association, as administrative agent, a swingline lender, an issuing lender, L/C agent and a lender, and the banks and other financial institutions referred to therein.
Among other things, Amendment No. 16 (i) increases the commitments under the revolving facility by $500,000,000 to an aggregate commitment of $5,900,000,000, (ii) extends the maturity date (the “Maturity Date”) of the revolving facility to March 31, 2030 for lenders (other than one non-extending lender) pursuant to BlackRock’s option to request extensions of the Maturity Date available under the Existing Credit Agreement (with the commitment of the non-extending lender maturing on March 31, 2028), and (iii) changes the threshold for the consolidated leverage ratio financial covenant in the Existing Credit Agreement. Except as modified by Amendment No. 16, the terms of the Existing Credit Agreement remain the same.
Certain of the financial institutions party to Amendment No. 16 and their affiliates have provided, and may in the future provide, investment banking, commercial lending, financial advisory and other services for BlackRock, and have received customary fees and expenses for these services.
The foregoing description of the terms and conditions of Amendment No. 16 is not complete and is in all respects subject to the actual provisions of Amendment No. 16, a copy of which has been filed as Exhibit 10.1 to this Current Report on Form 8-K and which is incorporated by reference herein.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information included in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number |
Description | |
| 10.1 | Amendment No. 16, dated as of April 4, 2025, by and among BlackRock, Inc., certain of its subsidiaries, Wells Fargo Bank, National Association, as administrative agent, a swingline lender, an issuing lender, L/C agent and a lender, and the banks and other financial institutions referred to therein. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BlackRock, Inc. | ||
| (Registrant) | ||
| By: | /s/ R. Andrew Dickson III | |
| Name: | R. Andrew Dickson III | |
| Title: | Managing Director and Corporate Secretary | |
Date: April 4, 2025