BlackRock Advisors, LLC and the Boards of Directors/Trustees of
the BlackRock Closed-End Funds (the “Boards”) today announced that,
for each of the BlackRock closed-end funds with auction rate
preferred shares (“ARPS”) outstanding (the “Funds”), BlackRock,
with the approval of and subject to the guidance of the Boards, is
currently in active negotiations with various liquidity providers
regarding the prospective issuance of alternative financings,
including alternative preferred stock structures like variable rate
demand preferred shares (VRDP) and variable municipal term
preferred shares (VMTP) and the expanded use of tender option bonds
(TOBs) (collectively, “Alternative Financing”), in order to provide
liquidity to holders of ARPS issued by the Funds. Provided such
negotiations are successful and based upon the facts and
circumstances surrounding each Fund, the Boards intend to redeem
the outstanding ARPS over the next twelve months where appropriate
and in the best interest of each of the Funds and their respective
shareholders.
There is no guarantee that all or a portion of a particular
Fund’s ARPS will be redeemed. The timing of each Fund’s replacement
of ARPS with Alternative Financing may vary and is subject to a
number of factors, including, but not limited to, the availability
of Alternative Financing, approval by the Fund’s Board of the
Fund’s leverage policy and of the terms and pricing for the
Alternative Financing, the ability to obtain necessary ratings for
Alternative Financing, the cost, benefits and tax consequences to
Fund shareholders of other potential forms of financial leverage,
the willingness of buyers to purchase securities issued in
Alternative Financing arrangements, eligibility of collateral held
by the Funds, term-related considerations and other market
conditions (including interest rates), any of which for a given
Fund may delay or prevent redemption of that Fund’s ARPS.
While any particular Fund may or may not redeem its outstanding
ARPS, the intention of the Boards is to redeem ARPS where
practicable. The Boards will determine, based on the facts and
circumstances applicable to each Fund at any particular time,
whether available alternative forms of leverage are appropriate and
in the best interest of the Fund and all of its shareholders.
BlackRock will continue to keep market participants and
shareholders informed of the Funds’ progress to redeem ARPS via
press releases and on BlackRock’s website at
www.blackrock.com.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At March 31, 2011, BlackRock’s assets under management
were $3.648 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 March 31, 2011, the firm has
approximately 9,300 employees in 26 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 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 each Fund or
in each Fund’s net asset value; (2) the relative and absolute
investment performance of each 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 each 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) BlackRock’s success in maintaining
secondary market support for each Fund; (11) the impact of
BlackRock electing to provide support to its products from time to
time; (12) the impact of problems at other financial institutions
or the failure or negative performance of products at other
financial institutions; and (13) the ability of BlackRock to
integrate the operations of Barclays Global Investors.
Additional Information and Where to Find It
The Annual and Semi-Annual Reports and other regulatory filings
of each Fund with the SEC are accessible on the SEC's website at
www.sec.gov and on BlackRock’s website at
www.blackrock.com. The information contained on BlackRock’s
website is not a part of this press release.
Information Regarding Proxy Solicitation by Certain
Funds
BlackRock MuniHoldings New York Quality Fund, Inc., BlackRock
MuniHoldings Fund, Inc., BlackRock New Jersey Municipal Bond Trust,
BlackRock Municipal Income Investment Quality Trust, BlackRock
Maryland Municipal Bond Trust, BlackRock Municipal Bond Trust,
BlackRock Investment Quality Municipal Income Trust, BlackRock
Virginia Municipal Bond Trust, BlackRock Municipal Bond Investment
Trust, The BlackRock Pennsylvania Strategic Municipal Trust,
BlackRock Municipal Income Investment Trust, BlackRock California
Municipal 2018 Term Trust, BlackRock Municipal 2018 Term Trust and
BlackRock New York Municipal Bond Trust (collectively, the
"Solicitation Funds") and their directors and certain executive
officers are participants in the solicitation of proxies from
shareholders in connection with the 2011 Annual Meeting of
Shareholders of each Solicitation Fund (the "Annual Meetings"). The
Solicitation Funds each plan to file a proxy statement with the
Securities and Exchange Commission (the "SEC") in connection with
the solicitation of proxies for the Annual Meetings (the "2011
Proxy Statement"). Information regarding the names of the
Solicitation Funds' directors and executive officers and their
respective interests in the Solicitation Funds by security holdings
or otherwise will be set forth in the 2011 Proxy Statement, as
supplemented, relating to the 2011 Annual Meeting of Shareholders
of each Solicitation Fund, which may be obtained free of charge
from the SEC's website at www.sec.gov and on BlackRock's
website at www.blackrock.com once 2011 Proxy Statement for
the Solicitation Funds has been filed. Additional information
regarding the interests of such participants will be included in
the 2011 Proxy Statement and other relevant documents to be filed
with the SEC in connection with the Annual Meetings.
Promptly after filing its definitive 2011 Proxy Statement with
the SEC, the Solicitation Funds will mail the definitive 2011 Proxy
Statement and a proxy card to each shareholder entitled to vote at
the Annual Meetings. SHAREHOLDERS ARE URGED TO READ THE 2011 PROXY
STATEMENT (INCLUDING ANY SUPPLEMENTS THERETO) AND ANY OTHER
RELEVANT DOCUMENTS THAT THE SOLICITATION FUNDS WILL FILE WITH THE
SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Shareholders will be able to obtain, free of charge,
copies of the 2011 Proxy Statement and any other documents filed by
the Solicitation Funds with the SEC in connection with the Annual
Meetings from the SEC's website at www.sec.gov, BlackRock's
website at www.blackrock.com, or by contacting Solicitation
Funds' Secretary at 40 East 52nd Street, New York, New York
10022-5911.
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