Filing by Certain Investment Companies of Rule 482 Advertising in Accordance With Rule 497 and the Note to Rule 482(e) (497ad)
October 14 2022 - 2:13PM
Edgar (US Regulatory)
Contact:
1-800-882-0052
BlackRock Corporate High Yield Fund, Inc. Announces Results Of its Rights Offering
New York, October 14, 2022 BlackRock Corporate High Yield Fund, Inc. (NYSE: HYT) (the Fund) today announced the successful
completion of its transferable rights offer (the Offer). The Offer commenced on September 20, 2022, and expired on October 13, 2022.
The Offer entitled rights holders to subscribe for up to an aggregate of 24,463,440 shares of the Funds common stock, par value of $0.10 per share
(Common Share). The final subscription price of $8.23 per Common Share was determined based upon the formula equal to 90% of the Funds net asset value per share of Common Shares at the close of trading on the NYSE on the expiration
date. The Common Shares subscribed for will be issued promptly after completion and receipt of all shareholder payments.
The Offer is expected to result
in the issuance of more than 20.3 million Common Shares (including notices of guaranteed delivery), resulting in anticipated gross proceeds to the Fund of approximately $168 million. The Fund will receive the entire proceeds of the Offer
since BlackRock Advisors, LLC, the Funds investment adviser, has agreed to pay all expenses related to the Offer. The Fund intends to invest the proceeds of the Offer in accordance with its investment objectives and policies.
This document is not an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction where the offer or sale is
not permitted. This document is not an offering, which can only be made by a prospectus. Investors should consider the Funds investment objectives, risks, charges and expenses carefully before investing. The Funds prospectus supplement
and accompanying prospectus will contain this and additional information about the Fund and additional information about the Offer, and should be read carefully before investing.
About BlackRock
BlackRocks purpose is to help
more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more
affordable. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | 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 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 BlackRocks website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRocks website in this release.
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 BlackRocks 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 the Funds net asset value; (2) the relative and absolute investment performance of the Funds
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 and regulatory, supervisory or enforcement actions of government agencies relating to the Funds or BlackRock, as applicable; (8) terrorist activities,
international hostilities, health epidemics and/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRocks 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 SEC are
accessible on the SECs website at www.sec.gov and on BlackRocks website at www.blackrock.com, and may discuss these or other factors that affect the Funds. The information contained on BlackRocks website is not a part
of this press release.
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