Item 1.01 Entry Into a Material Definitive Agreement.
On March 31, 2023, BlackRock, Inc. (“BlackRock”) and certain of its subsidiaries entered into Amendment No. 13 (“Amendment No. 13”) 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, and Amendment No. 12 thereto, dated as of March 31, 2022 (the “Existing Credit Agreement” and, the Existing Credit Agreement as amended by Amendment No. 13, 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. 13 (i) increases the commitments under the revolving facility by $300,000,000 to an aggregate commitment of $5,000,000,000, (ii) extends the maturity date (the “Maturity Date”) of the revolving facility to March 31, 2028 without utilizing BlackRock’s option to request extensions of the Maturity Date available under the Existing Credit Agreement and (iii) changes the secured overnight financing rate (SOFR) adjustment to 10 bps (0.10%) per annum for all SOFR-based loans. Except as modified by Amendment No. 13, the terms of the Existing Credit Agreement remain the same.
Certain of the financial institutions party to Amendment No. 13 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. 13 is not complete and is in all respects subject to the actual provisions of Amendment No. 13, 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.