BlackRock Florida Municipal 2020 Term Trust & BlackRock Municipal 2020 Term Trust: Announcement of Adoption of Plan of Termin...
November 19 2020 - 5:00PM
Business Wire
BlackRock Advisors, LLC announced today that the Board of each
of BlackRock Florida Municipal 2020 Term Trust (NYSE:BFO, CUSIP:
09250M109) and BlackRock Municipal 2020 Term Trust (NYSE:BKK,
CUSIP: 09249X109) (each, a “Fund” and together, the “Funds”)
approved the adoption of a Plan of Termination. Under each Fund's
Plan of Termination, which is effective as of November 19, 2020,
the Fund will begin the process of liquidating portfolio assets and
unwinding its affairs. Each Fund expects to make a final
liquidating distribution or transfer any remaining assets into a
liquidation trust, if necessary, on or around December 23,
2020.
Upon the effectiveness of each Fund’s Plan of Termination, the
Automatic Dividend Reinvestment Plan of each Fund has been
suspended with respect to any dividends or distributions for which
the record date is on or after November 19, 2020. All such
dividends or distributions will be paid in cash.
An investment objective for each Fund is to return $15.00 per
common share (the initial public offering price per common share)
to holders of common shares on or about December 31, 2020. As of
the close of business on November 18, 2020, BFO’s and BKK’s net
asset value ("NAV") per share was $14.81 and $15.08, respectively.
BFO will not achieve its investment objective of returning $15.00
per common share on or about December 31, 2020. There is no
assurance that BKK will achieve its investment objective of
returning $15.00 per common share on or about December 31, 2020.
Each Fund's daily NAV can be found at www.blackrock.com.
Each Fund’s common shares will continue to trade the “regular
way” on the New York Stock Exchange through December 14, 2020 and
will be suspended from trading before the opening on December 15,
2020.
About BlackRock
BlackRock’s purpose is to help more and more people experience
financial well-being. As a fiduciary to investors and a leading
provider of financial technology, our clients turn to us for the
solutions they need when planning for their most important goals.
As of September 30, 2020, the firm managed approximately $7.81
trillion in assets on behalf of investors worldwide. 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
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 the
Funds 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 a Fund 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, 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) 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 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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