BlackRock Advisors, LLC today announced the redemption details
for certain series of auction rate preferred shares (“ARPS”) issued
by seven BlackRock tax-exempt closed-end funds (the “Funds”). These
redemptions, which are being made at the liquidation preference of
$25,000 per share, together with accrued and unpaid dividends to
the redemption date, if any, are being announced in connection with
the issuance of Variable Rate Demand Preferred Shares (“VRDP”) by
the Funds, as announced on May 17, 2011.
Details for subsequent redemptions for certain series of ARPS in
connection with the issuance of VRDP by the Funds are expected to
be announced on May 24, 2011 and May 31, 2011 as required under the
governing documents of the ARPS for certain of the Funds.
Please see redemption details below.
BlackRock MuniEnhanced Fund, Inc. (NYSE:MEN)
Series CUSIP Redemption Date
Total Shares to be Redeemed Amount to be
Redeemed A28 09253Y209 June 14, 2011 1,525
$38,125,000 C7 09253Y407 May 31, 2011
1,525 $38,125,000 D7 09253Y506 June 10, 2011
1,128 $28,200,000
BlackRock MuniYield Pennsylvania Quality Fund (NYSE:MPA)
Series CUSIP Redemption Date
Total Shares to be Redeemed Amount to be
Redeemed A7 09255G206 June 14, 2011 1,041
$26,025,000 B7 09255G305 June 8, 2011
1,249 $31,225,000 C7 09255G404 June 10, 2011
364 $9,100,000
BlackRock MuniYield California Fund, Inc. (NYSE:MYC)
Series CUSIP Redemption Date
Total Shares to be Redeemed Amount to be
Redeemed A28 09254M204 June 9, 2011 1,453
$36,325,000 B7 09254M303 June 2, 2011
1,453 $36,325,000 D7 09254M501 June 7, 2011
848 $21,200,000
BlackRock MuniYield Investment Fund (NYSE:MYF)
Series CUSIP Redemption Date
Total Shares to be Redeemed Amount to be
Redeemed A7 09254R203 June 2, 2011 1,189
$29,725,000 B7 09254R302 June 10, 2011
865 $21,625,000 C7 09254R401 June 8, 2011
325 $8,125,000
BlackRock MuniYield Quality Fund III, Inc. (NYSE:MYI)
Series CUSIP Redemption Date
Total Shares to be Redeemed Amount to be
Redeemed C28 09254E400 June 9, 2011 1,376
$34,400,000 D28 09254E509 June 16, 2011
1,376 $34,400,000 E7 09254E608 June 9, 2011
2,502 $62,550,000 G7 09254E806 June 14,
2011 1,501 $37,525,000 H7 09254E889
June 10, 2011 1,625 $40,625,000 I7 09254E871
June 6, 2011 1,625 $40,625,000
BlackRock MuniYield Michigan Quality Fund II, Inc.
(NYSE:MYM)
Series CUSIP Redemption Date
Total Shares to be Redeemed Amount to be
Redeemed A7 09254W202 May 31, 2011 1,941
$48,525,000 B7 09254W301 June 8, 2011
1,200 $30,000,000 C7 09254W400 June 9, 2011
353 $8,825,000
BlackRock MuniYield Arizona Fund, Inc. (NYSE Amex:MZA)
Series CUSIP Redemption Date
Total Shares to be Redeemed Amount to be
Redeemed A7 09254K208 June 9, 2011 499
$12,475,000 B7 09254K307 June 14, 2011
668 $16,700,000 C7 09254K406 June 6, 2011
385 $9,625,000
BlackRock will continue to keep market participants and
shareholders informed of its closed-end 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 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 their 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 the Funds 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 the Funds; (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.
The Annual and Semi-Annual Reports and other regulatory filings
of the Funds 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.
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