BlackRock Advisors, LLC today announced that fifteen BlackRock
tax-exempt closed-end funds (the “Funds”) each successfully priced
and placed Variable Rate Muni Term Preferred Shares (“VMTP”)
pursuant to an offering exempt from registration under the
Securities Act of 1933.
Totaling approximately $1.76 billion in aggregate, the proceeds
from the VMTP issuances will be used to redeem all of each Fund’s
outstanding auction rate preferred shares (“ARPS”). ARPS
redemptions for the Funds are expected to be announced on December
19, 2011 and December 30, 2011, as applicable. The ARPS redemptions
associated with each Fund’s issuance of VMTP, together with
previously announced redemptions of ARPS by BlackRock closed-end
funds, total approximately $8.71 billion across BlackRock taxable
and tax-exempt closed-end funds (approximately 89% of the total
ARPS outstanding as of February 2008).
The following table shows VMTP issuance by Fund:
Fund Ticker
Amount BlackRock Municipal Income Investment Quality Trust
BAF $ 42,200,000
BlackRock Municipal Bond Trust BBK
$ 79,900,000 BlackRock Municipal Income Trust
BFK $ 270,800,000 The BlackRock
Investment Quality Municipal Trust, Inc. BKN
$ 125,900,000 BlackRock Municipal Income Trust
II BLE $ 151,300,000 The
BlackRock Strategic Municipal Trust BSD
$ 42,900,000 BlackRock Municipal Income Quality Trust
BYM $ 137,200,000
BlackRock MuniYield Investment Quality Fund
MFT $ 56,500,000 BlackRock MuniHoldings Fund,
Inc. MHD $ 83,700,000
BlackRock MuniYield Quality Fund II, Inc. MQT
$ 116,500,000 BlackRock MuniHoldings Quality
Fund II, Inc. MUE $
131,000,000 BlackRock MuniHoldings Fund II, Inc.
MUH $ 55,000,000 BlackRock MuniHoldings
Quality Fund, Inc. MUS $
87,000,000 BlackRock MuniVest Fund II, Inc.
MVT $ 140,000,000 BlackRock MuniVest Fund,
Inc. MVF $ 243,800,000
In connection with this issuance, BlackRock will post regular
portfolio information for the Funds on its public website at
www.blackrock.com. This information includes fund holdings
(which will be available monthly after a 15-day lag) and asset
coverage and leverage ratios (which will be available weekly).
BlackRock will continue to keep market participants and
shareholders informed of its closed-end funds’ progress to redeem
ARPS via press releases and on the firm’s website.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any of these securities.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At September 30, 2011, BlackRock’s AUM was $3.345
trillion. BlackRock offers products that span the risk spectrum to
meet clients’ needs, including active, enhanced and index
strategies across markets and asset classes. Products are offered
in a variety of structures including 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®.
Headquartered in New York City, as of September 30, 2011, the firm
had approximately 10,200 employees in 27 countries and a major
presence in key global markets, including North and South America,
Europe, Asia, Australia, and the Middle East and Africa. For
additional information, please visit the firm’s website at
www.blackrock.com.
Forward-Looking Statements
This press release, and other statements that BlackRock may
make, may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act, with respect to
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 each of 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
Fund or in the Fund’s net asset value; (2) the relative and
absolute investment performance of the 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 recently approved
Dodd-Frank Wall Street Reform and Consumer Protection Act, and
regulatory, supervisory or enforcement actions of government
agencies relating to the 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; (11) the impact
of problems at other financial institutions or the failure or
negative performance of products at other financial institutions;
and (12) the ability of BlackRock to integrate the operations of
Barclays Global Investors.
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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