Certain BlackRock Closed-End Funds Establish At-The-Market Equity Shelf Programs
June 11 2014 - 6:00PM
Business Wire
BlackRock Advisors, LLC today announced that BlackRock Corporate
High Yield Fund, Inc. (NYSE:HYT) and BlackRock Debt Strategies
Fund, Inc. (NYSE:DSU) (the “Funds”) have each filed an initial
registration statement to establish an at-the-market equity shelf
program (each, a “Program”). The Programs may provide each Fund’s
portfolio managers with additional flexibility in pursuing
attractive investment opportunities without the need to sell
existing portfolio investments. Under each Program, the Fund,
subject to market conditions, may raise additional equity capital
by issuing new common shares, from time to time in varying amounts,
at a net price at or above the Fund’s net asset value per common
share plus the per share amount of any commission.
Each Fund has filed a registration statement with the Securities
and Exchange Commission relating to its Program, which is not yet
effective. The information contained in the Fund’s preliminary
prospectus within the registration statement is not complete and
may be changed. The Fund may not sell any common shares under the
Program until its registration statement is effective. Neither this
press release nor the Fund’s preliminary prospectus is an offer to
sell newly registered common shares and neither this press release
nor the Fund's preliminary prospectus is soliciting an offer to buy
newly registered common shares in any jurisdiction where such offer
or sale is not permitted.
Investors should consider each Fund’s investment objectives,
risks, charges and expenses carefully before investing. Each Fund's
preliminary prospectus, which may be obtained by contacting
BlackRock at 800-882-0052, contains this and more complete
information about the Fund and should be read carefully before
investing. A copy of each Fund's final prospectus can be obtained
from BlackRock at 800-882-0052, when available.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At March 31, 2014, BlackRock’s assets under management
were $4.401 trillion. BlackRock helps clients 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®.
Headquartered in New York City, as of March 31, 2014, the firm had
approximately 11,500 employees in more than 30 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 or the
Funds may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to the Funds 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 a
Fund 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.
BlackRock Closed-End Funds1-800-882-0052
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