BlackRock Announces Results of Joint Special Shareholder Meeting Relating to the Reorganizations of Five Municipal Closed-End...
December 15 2020 - 5:30PM
Business Wire
BlackRock Advisors, LLC announced today that, at a joint special
meeting of shareholders (the “Meeting”) of BlackRock Municipal
Income Investment Quality Trust (“BAF”), BlackRock Municipal Bond
Trust (NYSE: BBK), BlackRock MuniHoldings Fund II, Inc. (NYSE:
MUH), BlackRock MuniHoldings Quality Fund, Inc. (NYSE: MUS) and
BlackRock MuniHoldings Fund, Inc. (NYSE: MHD and collectively with
BAF, BBK, MUH and MUS, the “Funds,” and each, a “Fund”), the
requisite votes of shareholders of BBK and MHD have approved the
reorganization of BBK with and into MHD, with MHD continuing as the
surviving Fund, and the transactions contemplated thereby (the “BBK
Reorganization”). BAF, MUH and MUS did not obtain the requisite
votes of common shareholders to constitute a quorum and/or approve
the applicable proposals. Accordingly, the Meeting with respect to
the proposals to be voted on by common shareholders of each of BAF,
MUH and MUS has been adjourned to January 21, 2021 at 11:00 a.m.
(Eastern time) in order to continue to solicit proxies from common
shareholders of such Funds.
It is currently expected that the BBK Reorganization will be
completed in the first quarter of 2021, subject to the satisfaction
of customary closing conditions. The BBK Reorganization, if
completed, would occur based on the relative net asset values of
the common shares of each Fund. In addition, holders of Variable
Rate Muni Term Preferred Shares (“VMTP Shares”) of BBK would
receive on a one-for-one basis VMTP Shares of MHD in an amount
equal to the aggregate VMTP Share liquidation preference (including
any accumulated and unpaid dividends) held by holders of BBK’s VMTP
Shares immediately prior to the BBK Reorganization.
This press release is not intended to, and does not, constitute
an offer to purchase or sell shares of the Funds.
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/corporate
| 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 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 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 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, including the Dodd-Frank Wall
Street Reform and Consumer Protection Act, 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) 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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