v3.22.1
Borrowings
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Borrowings

14. Borrowings

 

2022 Revolving Credit Facility.  Since 2011, the Company has maintained an unsecured revolving credit facility which is available for working capital and general corporate purposes (the “2022 credit facility”).  In March 2022, the 2022 credit facility was amended to, among other things, (i) increase the aggregate commitment amount by $300 million to $4.7 billion, (ii) extend the maturity date to March 2027, (iii) change the rate for borrowings denominated in United States Dollars from a rate based on the London Interbank Offered Rate (LIBOR) to a rate based on the secured overnight financing rate (SOFR) subject to certain adjustments and (iv) raise and/or add certain specified targets for the sustainability-linked pricing mechanics. The 2022 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2022 credit facility to an aggregate principal amount of up to $5.7 billion. The 2022 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at March 31, 2022. At March 31, 2022, the Company had no amount outstanding under the 2022 credit facility.

Commercial Paper Program.  The Company can issue unsecured commercial paper notes (the “CP Notes”) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $4 billion. The commercial paper program is currently supported by the 2022 credit facility. At March 31, 2022, BlackRock had no CP Notes outstanding.

Long-Term Notes

The carrying value and fair value of long-term notes determined using market prices and EUR/USD foreign exchange rate at March 31, 2022 included the following:

 

(in millions)

Maturity Amount

 

 

Unamortized

Discount

and Debt Issuance Costs(1)

 

 

Carrying Value

 

 

Fair Value

 

3.375% Notes due 2022

$

750

 

 

$

—

 

 

$

750

 

 

$

753

 

3.50% Notes due 2024

 

1,000

 

 

 

(2

)

 

 

998

 

 

 

1,025

 

1.25% Notes due 2025

 

778

 

 

 

(2

)

 

 

776

 

 

 

784

 

3.20% Notes due 2027

 

700

 

 

 

(3

)

 

 

697

 

 

 

706

 

3.25% Notes due 2029

 

1,000

 

 

 

(10

)

 

 

990

 

 

 

1,011

 

2.40% Notes due 2030

 

1,000

 

 

 

(6

)

 

 

994

 

 

 

945

 

1.90% Notes due 2031

 

1,250

 

 

 

(10

)

 

 

1,240

 

 

 

1,125

 

2.10% Notes due 2032

 

1,000

 

 

 

(15

)

 

 

985

 

 

 

904

 

Total long-term notes

$

7,478

 

 

$

(48

)

 

$

7,430

 

 

$

7,253

 

 

 

(1)

The unamortized discount and debt issuance costs are being amortized over the term of the notes.

Long-term notes at December 31, 2021 had a carrying value of $7.4 billion and a fair value of $7.7 billion, determined using market prices and EUR/USD foreign exchange rate at December 31, 2021.

See Note 15, Borrowings, in the 2021 Form 10-K for more information regarding the Company’s borrowings.