Certain Closed-End Funds Announce Share Repurchase Programs
October 28 2016 - 4:30PM
Business Wire
BlackRock Advisors, LLC announced today that the Boards of
Directors/Trustees of twenty BlackRock taxable and equity
closed-end funds (the “Funds”) have authorized open market share
repurchase programs (the “Repurchase Programs”) pursuant to which
each Fund may repurchase, through November 30, 2017, up to 5% of
its outstanding common shares (based on common shares outstanding
on October 28, 2016), in open market transactions. The Repurchase
Programs seek to enhance shareholder value by purchasing Fund
shares trading at a discount from their net asset value per
share.
The Funds that have authorized a Repurchase Program are as
follows:
Ticker Fund CUSIP BBN
BlackRock Taxable Municipal Bond Trust 09248X100 BCX BlackRock
Resources & Commodities Strategy Trust 09257A108 BDJ BlackRock
Enhanced Equity Dividend Trust 09251A104 BGR BlackRock Energy and
Resources Trust 09250U101 BGT BlackRock Floating Rate Income Trust
091941104 BGY BlackRock International Growth and Income Trust
092524107 BHK BlackRock Core Bond Trust 09249E101 BIT BlackRock
Multi-Sector Income Trust 09258A107 BKT BlackRock Income Trust
09247F100 BLW BlackRock Limited Duration Income Trust 09249W101 BME
BlackRock Health Sciences Trust 09250W107 BOE BlackRock Global
Opportunities Equity Trust 092501105 BST BlackRock Science and
Technology Trust 09258G104 BTZ BlackRock Credit Allocation Income
Trust 092508100 BUI BlackRock Utility and Infrastructure Trust
09248D104 CII BlackRock Enhanced Capital and Income Fund, Inc.
09256A109 DSU BlackRock Debt Strategies Fund, Inc. 09255R103* EGF
BlackRock Enhanced Government Fund, Inc. 09255K108 FRA BlackRock
Floating Rate Income Strategies Fund, Inc. 09255X100 HYT BlackRock
Corporate High Yield Fund, Inc. 09255P107 *In connection
with the reverse stock split separately announced today for DSU,
effective on the open of trading on the New York Stock Exchange on
November 16, 2016, DSU’s new CUSIP will be 09255R202.
The amount and timing of any repurchases under each Fund’s
Repurchase Program will be determined either at the discretion of
the Fund’s management or pursuant to predetermined parameters and
instructions subject to market conditions. There is no assurance
that any Fund will repurchase shares in any particular amounts. A
Fund’s repurchase activity will be disclosed in its shareholder
report for the relevant fiscal period. Any repurchases made under
any Fund Repurchase Program will be made on a national security
exchange at the prevailing market price, subject to exchange
requirements and certain volume and timing limitations and other
regulations under federal securities laws. Repurchases will not
commence for a Fund until after all the required elements of the
Repurchase Program for that Fund have been finalized and have
become effective.
About BlackRock
BlackRock is a global leader in investment management, risk
management and advisory services for institutional and retail
clients. At September 30, 2016, BlackRock’s AUM was $5.1 trillion.
BlackRock helps clients around the world meet their goals and
overcome challenges with a range of products that include 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®. As of
September 30, 2016, the firm had approximately 13,000 employees in
30 countries and a major presence in 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 www.blackrock.com | Twitter: @blackrock_news |
Blog: www.blackrockblog.com | LinkedIn:
www.linkedin.com/company/blackrock
Availability of Fund Updates
BlackRock will update performance and certain other data for the
BlackRock closed-end funds (the “Funds”) on a monthly basis on its
website in the “Closed-end Funds” section of www.blackrock.com as
well as certain other material information as necessary from time
to time. Investors and others are advised to check the website for
updated performance information and the release of other material
information about the Funds. This reference to BlackRock’s website
is intended to allow investors public access to information
regarding the Funds and does not, and is not intended to,
incorporate BlackRock’s website in this release.
Forward-Looking Statements
This press release, and other statements that BlackRock or a
Fund may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to a Fund’s or 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.
With respect to the Funds, the following factors, among others,
could cause actual events to differ materially from forward-looking
statements or historical performance: (1) 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 the Funds or
in a Fund’s net asset value; (2) the relative and absolute
investment performance of a Fund and its investments; (3) the
impact of increased competition; (4) the unfavorable resolution of
any legal proceedings; (5) the extent and timing of any
distributions or share repurchases; (6) the impact, extent and
timing of technological changes; (7) the impact of legislative and
regulatory actions and reforms, including the Dodd-Frank Wall
Street Reform and Consumer Protection Act, and regulatory,
supervisory or enforcement actions of government agencies relating
to a Fund or BlackRock, as applicable; (8) 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; (9)
BlackRock’s ability to attract and retain highly talented
professionals; (10) the impact of BlackRock electing to provide
support to its products from time to time; and (11) the impact of
problems at other financial institutions or the failure or negative
performance of products at other financial institutions.
Annual and Semi-Annual Reports and other regulatory filings of
the Funds with the Securities and Exchange Commission (“SEC”) are
accessible on the SEC's website at www.sec.gov and on
BlackRock’s website at www.blackrock.com, and may discuss
these or other factors that affect the Funds. The information
contained on BlackRock’s website is not a part of this press
release.
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