Obligation BlackStone 3.5% ( US09247XAD30 ) en USD

BlackStone

100 % ⇌

Etas-Unis

US09247XAD30 ( en USD )

3.5% par an ( paiement semestriel )

10/12/2014 - Obligation échue

Prospectus brochure de l'obligation BlackRock US09247XAD30 en USD 3.5%, échue

2 000 USD

1 000 000 000 USD

09247XAD3

BlackRock est la plus grande société de gestion d'actifs au monde, offrant une gamme de services d'investissement à des clients institutionnels et particuliers, incluant la gestion de portefeuilles, l'échange de fonds négociés en bourse (ETF) et des solutions technologiques pour les marchés financiers.

L'obligation BlackRock (ISIN : US09247XAD30, CUSIP : 09247XAD3), émise aux États-Unis pour un montant total de 1 000 000 000 USD, avec un taux d'intérêt de 3,5 %, échéant le 10/12/2014, par tranche minimale de 2 000 USD et remboursée à 100 %, n'a pas été notée par Standard & Poor's ni par Moody's.

Prospectus Supplement
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424B5 1 d424b5.htm PROSPECTUS SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(b)(5).
Registration Statement No. 333-145976
A filing fee of $139,500, calculated in accordance with
Rule 457(r), has been transmitted to the SEC
in connection with the securities offered from the
registration statement (File No. 333-145976)
by means of this prospectus supplement.
PROSPECTUS SUPPLEMENT
(To Prospectus Dated September 11, 2007)
$2,500,000,000

$500,000,000 2.25% Notes due 2012
$1,000,000,000 3.50% Notes due 2014
$1,000,000,000 5.00% Notes due 2019

The 2012 Notes will bear interest at the rate of 2.25% per year, and mature on December 10, 2012.
The 2014 Notes will bear interest at the rate of 3.50% per year, and mature on December 10, 2014.
The 2019 Notes will bear interest at the rate of 5.00% per year, and mature on December 10, 2019.
Interest on the notes is payable on June 10 and December 10 of each year, beginning on June 10, 2010.
The notes will be unsecured and unsubordinated obligations of our company and will rank equal in right of payment
with each other and with all our other unsubordinated indebtedness from time to time outstanding.

Investing in the notes involves risks. See "Risk Factors" beginning on page S-9 of this
prospectus supplement and page 2 of the accompanying prospectus.
Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of these securities or determined if this prospectus supplement or the related prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.

Per 2012 Note
Per 2014 Note
Per 2019 Note
Total
Public Offering Price

99.758%
99.855%
99.728%
$2,494,620,000
Underwriting Discount

0.250%
0.350%
0.450%
$
9,250,000
Proceeds to BlackRock (before expenses)
99.508%
99.505%
99.278%
$2,485,370,000
Interest on the notes will accrue from December 10, 2009.

The underwriters expect to deliver the notes to purchasers on or about December 10, 2009, only in book-entry form
through the facilities of The Depository Trust Company and its participants, including Clearstream Banking, société
anonyme, and Euroclear Bank S.A./N.V.

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Joint Book-Running Managers

Barclays Capital
Citi
Credit Suisse
BofA Merrill Lynch

Co-Managers

Daiwa Securities America Inc.

Deutsche Bank Securities
HSBC
J.P. Morgan
Morgan Stanley
RBS
UBS Investment Bank
Wells Fargo Securities
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You should rely only on the information contained in or incorporated by reference in this prospectus supplement
and the accompanying prospectus. We have not authorized anyone to provide you with different information. We are
not making an offer of these securities in any state where the offer is not permitted. You should not assume that the
information contained or incorporated by reference in this prospectus supplement or the accompanying prospectus is
accurate as of any date other than the date of that information.

TABLE OF CONTENTS

Page
Prospectus Supplement

About this Prospectus Supplement

S-ii
Summary

S-1
Risk Factors

S-9
Pro Forma Condensed Combined Financial Statements

S-11
Selected Consolidated Historical Financial Data

S-23
Use of Proceeds

S-25
EBITDA Coverage Ratios

S-26
Capitalization

S-28
Description of the Notes

S-29
Certain U.S. Federal Income Tax Consequences to Non-U.S. Holders

S-34
Underwriting

S-36
Conflicts of Interest; Other Relationship

S-37
Validity of the Notes

S-41
Experts

S-41
Prospectus

About this Prospectus

1
BlackRock

1
Risk Factors

2
Special Note Regarding Forward Looking Statements

8
Where You Can Find More Information

9
Use of Proceeds

10
Ratio of Earnings to Fixed Charges

10
Description of Debt Securities

10
Description of Capital Stock

19
Description of Warrants

24
Description of Subscription Rights

25
Description of Stock Purchase Contracts and Stock Purchase Units

26
Certain ERISA Considerations

27
Plan of Distribution

28
Legal Matters

32
Experts

32

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ABOUT THIS PROSPECTUS SUPPLEMENT
This document is in two parts. The first part, the prospectus supplement, describes the specific terms of the notes we are
offering and certain other matters relating to BlackRock, Inc. The second part, the prospectus, gives more general
information about securities we may offer from time to time, some of which does not apply to the notes we are offering. If
the description of the notes in the prospectus supplement differs from the description in the prospectus, the description in the
prospectus supplement supersedes the description in the prospectus. Generally, when we refer to the prospectus, we are
referring to both parts of this document combined.

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SUMMARY
The following summary is qualified in its entirety by the more detailed information included elsewhere or incorporated
by reference in this prospectus supplement or the accompanying prospectus. Because this is a summary, it may not contain
all the information that is important to you. You should read the entire prospectus supplement and the accompanying
prospectus, including the information incorporated by reference, before making an investment decision. When used in this
prospectus supplement, the terms "BlackRock," "Company," "we," "our" and "us" refer to BlackRock, Inc. and its
subsidiaries, unless otherwise specified.
BlackRock, Inc.
General
BlackRock, Inc. is the largest publicly traded investment management firm. BlackRock's business focuses exclusively
on investment and risk management services; we do not engage in proprietary trading or other activities that could conflict
with the interests of our clients. Our business is global we invest in capital markets throughout the world, we have
employees in 24 countries, and we serve institutional and retail investors in more than 100 countries. Our institutional clients
include defined benefit and defined contribution pension plans, endowments, foundations, charities and other tax-exempt
investors; corporate, municipal and other treasurers; sovereign wealth funds and other official institutions; and insurance
companies, banks and other financial institutions. We also manage money for retail and high net worth investors, including
family offices. We work closely with our clients and their advisors to develop products and tailor solutions to meet their
investment objectives consistent with their risk tolerances. We offer our investment products directly and through
intermediaries in a variety of vehicles, including open-end and closed-end funds, iShares e
®
xchange-traded funds, common
and collective trusts and other pooled investment vehicles, and separate accounts. The products we offer are described briefly
below. In general, our fees are structured as a percentage of assets under management ("AUM"). In certain cases, some or all
of our fee is structured as a performance fee or share of earnings based on absolute returns or returns relative to a hurdle or
benchmark. Our revenues fluctuate as a result of factors that affect the aggregate value of our AUM, including net new
business, market returns (beta) and investment returns relative to market (alpha).
Products
BlackRock's products include equity, fixed income, multi-asset class, alternative investment and cash management
portfolios. BlackRock also offers risk management, investment analytic and investment system outsourcing and advisory
services under the BlackRock Solutions® brand name.

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Pro Forma Assets Under Management at September 30, 2009
The following tables present BlackRock's AUM by asset class and client type as of September 30, 2009 on a pro
forma basis to give effect to the acquisition of Barclays Global Investors ("BGI") from Barclays Bank PLC ("Barclays
Bank").

By Asset

Class and

Management
By Client
($ in billions)

Style
($ in billions)

Type
Equity

Institutional

$ 2,422
Index

$
1,148
Retail

308
Active

290
iShares

458

Fixed Income

Total AUM

$ 3,188
Index

386

Active

583

Multi-Asset Class

155

Alternative

108

Long-Dated

$
2,670

Cash Management

355

Advisory

163

Total AUM

$
3,188

Equity
Equity products include a variety of offerings designed to enable investors to access return opportunities in one or
more developed, emerging or frontier markets, or in specific industry sectors and sub-sectors. Portfolio management
teams employ disciplined investment and portfolio construction processes designed to achieve specified investment
objectives. Equity portfolio managers manage long-only equity accounts, the equity portion of certain multi-asset
products and equity hedge funds counted in alternative investment AUM.

· Index and enhanced index products are most heavily constrained, and apply rigorous processes in order to

replicate the performance of the related market index, while minimizing the effect of trading and other costs on
investment returns.

· Scientifically driven active equity portfolios seek to achieve returns in excess of the index by balancing return,
risk and cost considerations. Significant proprietary research is undertaken to develop and systematically apply

investment insights, ensure acceptable levels of tracking error, and minimize trading costs. While tracking error
varies from low to medium, these strategies are model-driven and the level of manager discretion is low.

· Fundamental equity products offer medium or higher levels of tracking error and feature a high degree of
manager discretion over investment strategy. Experienced teams of portfolio managers, research analysts and

traders are dedicated to these portfolios. Each team employs fundamental research, often in conjunction with
quantitative screens, to inform their investment decisions. They also work closely with BlackRock's Risk and
Quantitative Analysis Group ("RQA") to ensure that risk positions are deliberate and scaled appropriately.
Fixed Income
Fixed income products include strategies that invest in sovereign and local government debt, mortgage-backed,
asset-backed and other structured securities, and corporate bonds. Portfolios can be managed relative to a market index, a
duration (price risk) target or a client's liabilities, and are often tailored to accommodate client-

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specific objectives or constraints. BlackRock's fixed income team manages long-only portfolios, the bond portion of
certain multi-asset class mandates, and a variety of fixed income alternative investment products.

· Index and enhanced index products are designed to replicate the performance of the related market index. A

rigorous investment and portfolio construction process is used to ensure minimal tracking error, while seeking to
limit transaction costs.

· Model-based fixed income portfolios seek to consistently add value relative to the index and control
performance volatility. To do so, the model-based fixed income team undertakes proprietary research and model

development to identify and systematically apply investment insights. Real-time analysis of a wide array of risk
measures is used to continuously assess potential impact on total return and adjust portfolio holdings as
appropriate.

· Fundamental fixed income strategies seek to achieve competitive investment returns through a disciplined
investment process that focuses on sector rotation and security selection, while controlling duration exposures
relative to the performance benchmark. The fundamental fixed income team is comprised of regional and sector

specialists as well as credit and quantitative analysts. Portfolio managers work closely with RQA to monitor and
manage risk, and are supported by extensive analytical tools and a shared research database that includes reports
from both equity and credit analysts throughout BlackRock.
Multi-Asset Class
BlackRock manages a variety of products that invest in more than one asset class. These can be as straightforward
as a balanced fund that is managed relative to a benchmark consisting of a fixed combination of broad equity and bond
market indices (e.g., 60% S&P 500 and 40% Barclays Capital Aggregate Bond Index). A variety of asset allocation
products are also offered, including strategic advice, global and tactical asset allocation portfolios, and target risk and
target date funds, including the LifePath® portfolios offered to defined contribution plans, which invest in a dynamically
adjusted mix of stocks and bonds over an investment horizon. The most complex multi-asset class assignments are
fiduciary outsourcing mandates in which BlackRock assumes responsibility for pension plan management. These
services require close collaboration with our clients to understand their objectives, as well as regulatory and other
investment constraints, and to design and deliver a unified and cost-effective solution for managing the plan. These and
other products are supported by BlackRock's Multi-Asset Class Solutions team, which includes portfolio managers,
quantitative analysts, investment strategists, research analysts, economists and actuaries.
Alternative Investments
BlackRock's alternative investment offerings include real estate, funds of funds, single-strategy hedge funds, and
distressed, opportunistic and other absolute return strategies. Our alternative investment strategies are designed to
provide enhanced returns with the same or less risk as the broad equity and bond markets or returns with low correlations
to the broad equity and bond markets. In many cases, these strategies employ actual or structural leverage in an effort to
enhance returns. These products are often structured with a performance fee. BlackRock also invests alongside clients in
many of these products to further evidence our alignment of interest. These coinvestments are held on balance sheet and
substantially all are marked to market.

· BlackRock's Real Estate Group manages real estate debt and equity strategies investing in U.S., European,
Australian and Asian markets. Equity products include core, value-added and opportunistic investments in

commercial properties and multifamily housing. Debt strategies focus primarily on investment grade and high
yield commercial real estate debt.

· BlackRock's Global Market Strategies Group manages global macro style strategies using a scientifically driven

active investment process to capture excess returns in equity, fixed income,

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currency and commodity markets. The group also manages long only and long/short commodity portfolios and

active, dynamic, and static currency hedging strategies.

· BlackRock Alternative Advisors, our fund of funds platform, offers private equity and hedge funds of funds and
hybrid strategies. These products invest in, or coinvest with, funds and separate accounts offered by third party

managers. Experienced teams utilize a disciplined manager research program and risk management framework
to make investment decisions and construct portfolios designed to achieve attractive absolute returns over time.

· BlackRock's equity, fixed income and multi-asset class teams also manage a variety of hedge funds, as well as

distressed and opportunistic strategies. These products permit use of shorting and generally employ leverage as
well.
Cash Management
BlackRock offers a wide variety of cash management mandates to clients worldwide. Our leadership position
reflects both a conservative investment philosophy and an array of choices available to investors. Products include
money market funds and customized separate accounts in both taxable and tax-exempt strategies in multiple currencies,
including U.S. dollar, Sterling and Euro. The acquisition of BGI from Barclays Bank significantly enhanced our growing
non-U.S. cash management platform. We manage portfolios for individuals, corporate and municipal treasurers, as well
as bank, hospital, and university operating funds. BlackRock is committed to a conservative investment style that
emphasizes quality, liquidity, and superior client service through market cycles. Our disciplined approach is closely tied
to rigorous credit risk management.
The Cash Management team also manages the cash we receive as collateral for securities on loan in other portfolios.
Securities lending, which is offered as a potential source of incremental returns on equity and fixed income portfolios, is
managed by a dedicated team, supported by quantitative analysis, leading-edge technology, and formalized risk
management. Fees for securities lending can be structured as a share of earnings and/or a percentage of the value of the
cash collateral. The value of the securities on loan is reported as AUM in the corresponding asset class. The value of the
cash collateral is not included in reported AUM.
BlackRock Solutions
BlackRock provides a variety of risk management, investment analytic and investment system and advisory services
under the BlackRock Solutions brand name to financial institutions, pension funds, asset managers, foundations,
consultants, mutual fund sponsors, real estate investment trusts and government agencies worldwide. The BlackRock
Solutions operating platform, Aladdin®, serves as the investment system for BlackRock and a growing number of
sophisticated institutional investors. BlackRock Solutions also uses Aladdin to support risk management, investment
accounting outsourcing, advisory services, including long-term portfolio liquidation assignments (reported as advisory
AUM) and a variety of shorter-term engagements, such as valuation of illiquid assets, portfolio restructuring, workouts
and dispositions. BlackRock also offers transition management services that leverage our trading expertise and scale and
our risk management capabilities to help clients transition to a new investment strategy, while minimizing cost and risk.
Fees for BlackRock Solutions and advisory services may be structured as a fixed rate, a percentage of advisory
AUM, performance fees based on contractual thresholds, or a combination of the foregoing. Demand for BlackRock
Solutions services increased sharply in 2008 and 2009 in the face of extreme market dislocations. A substantial portion
of the growth resulted from increased demand for advisory services that bring together the Company's analytical, risk
management and capital markets capabilities. During the recent period of market distress, our Financial Markets
Advisory practice provided the holders of distressed assets with guidance on valuing, restructuring and managing their
portfolios. Clients have included major public and private institutions around the world.

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Recent Developments
Acquisition of Barclays Global Investors
On December 1, 2009, BlackRock completed its previously announced acquisition (the "Acquisition") of BGI from
Barclays Bank. In exchange for BGI, BlackRock paid approximately $6.65 billion in cash and issued 3,031,516 shares of
BlackRock common stock, par value $0.01 per share ("Common Stock"), 26,888,001 shares of BlackRock Series B
Convertible Participating Preferred Stock, par value $0.01 per share ("Series B Preferred Stock"), and 7,647,254 shares
of BlackRock Series D Participating Preferred Stock, par value $0.01 per share ("Series D Preferred Stock"), to Barclays
BR Holdings S.à r.l.
Financing of the Acquisition
A portion of the cash purchase price for the Acquisition was financed with $3 billion in borrowings under our
commercial paper program (the "Program") under which we may issue unsecured commercial paper notes on a private
placement basis up to a maximum aggregate amount outstanding at any time of $3 billion. The Program is supported by
an unsecured 364-day $2 billion revolving credit facility with Barclays Bank, as administrative agent and a lender, a
group of lenders and Barclays Capital as sole lead arranger, sole lead bookrunner and syndication agent (the "2010
Credit Facility"), which matures on November 30, 2010. As of December 4, 2009, we had no borrowings outstanding
under the 2010 Credit Facility. It is our intent to replace the Program over time with term borrowing, and as borrowing
under the Program is replaced by term borrowing the availability under the 2010 Credit Facility will be permanently
reduced in an equal amount. Pursuant to its terms, the 2010 Credit Facility will no longer be available to us after this
offering.
Ownership of BlackRock After the Acquisition
As a result of the Acquisition, Barclays BR Holdings S.à r.l. owns approximately 3.0 million shares, or 4.8%, of our
Common Stock, approximately 26.9 million shares of our Series B Convertible Participating Preferred Stock, and
approximately 7.6 million shares of our Series D Participating Preferred Stock, or 27.2% of our outstanding preferred
equity, representing in the aggregate a 19.8% economic interest in the Company. Bank of America Corporation owns
approximately 2.3 million shares, or 3.7%, of our Common Stock and approximately 62.5 million shares of our Series B
Preferred Stock, or 49.2% of our outstanding preferred equity, representing in the aggregate a 34.2% economic interest
in our company. The PNC Financial Services Group, Inc. owns approximately 22.1 million shares, or 35.2%, of our
Common Stock, approximately 17.9 million shares of our Series B Preferred Stock, approximately 2.9 million shares of
our Series C Convertible Participating Preferred Stock, and approximately 3.6 million shares of our Series D Preferred
Stock, or 19.2% of our outstanding preferred equity, representing in the aggregate a 24.5% economic interest in the
Company.

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The Offering

Issuer
BlackRock, Inc.

Securities Offered
$500,000,000 aggregate principal amount of 2.25% Notes due 2012 (the
"2012 Notes").

$1,000,000,000 aggregate principal amount of 3.50% Notes due 2014 (the
"2014 Notes").
$1,000,000,000 aggregate principal amount of 5.00% Notes due 2019 (the
"2019 Notes").
We use the term "notes" in this prospectus supplement to refer to the 2012
Notes, the 2014 Notes and the 2019 Notes.
Interest Rate

2012 Notes
2.25% per year.
2014 Notes
3.50% per year.
2019 Notes
5.00% per year.

Interest Payment Dates
June 10 and December 10 of each year, beginning June 10, 2010.
Maturity

2012 Notes
December 10, 2012.
2014 Notes
December 10, 2014.
2019 Notes
December 10, 2019.

Redemption of the Notes
The notes of each series may be redeemed prior to maturity in whole or in
part at any time, at our option, at a "make-whole" redemption price. In the
case of any such redemption, we will also pay accrued and unpaid interest,
if any, to the redemption date. For more detailed information on the
calculation of the redemption price, see "Description of the Notes--
Optional Redemption of the Notes."

Ranking
The notes will be unsecured and unsubordinated obligations of our
Company and will rank equal in right of payment with each other and with
all our existing and future unsecured and unsubordinated indebtedness. We
are a holding company and, accordingly, substantially all of our operations
are conducted through our subsidiaries. As a result, our debt is
"structurally subordinated" to all existing and future debt, trade creditors
and other liabilities of our subsidiaries. Our rights, and the rights of our
creditors, to participate in any distribution of assets of any subsidiary upon
its liquidation or reorganization or otherwise would be subject to the prior
claims of that subsidiary's creditors, except to the extent that our claims as
a creditor of such subsidiary may be recognized. As of December 4, 2009,
we had outstanding $700 million and $3.2 billion of unsecured long-term
and short-term indebtedness, respectively, and $243 million in convertible
debentures.

Covenants
The indenture includes requirements that must be met if we consolidate or
merge with, or sell all or substantially all of our assets to, another entity.

Trustee
The Bank of New York Mellon.

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