BlackRock Announces Redemption of Certain Auction Rate Preferred Shares Issued by BlackRock Closed-End Funds
May 24 2011 - 5:47PM
Business Wire
BlackRock Advisors, LLC today announced the redemption details
for certain series of auction rate preferred shares (“ARPS”) issued
by two 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.
Please see redemption details below.
BlackRock MuniEnhanced Fund, Inc.
(NYSE:MEN)
Series CUSIP
RedemptionDate
Shares
tobeRedeemed
Amount to beRedeemed
B28 09253Y308 June 21,
2011 1,525 $38,125,000
BlackRock MuniYield Quality Fund III, Inc.
(NYSE:MYI)
Series CUSIP
RedemptionDate
Shares
tobeRedeemed
Amount to beRedeemed
A28 09254E202 June 23,
2011 1,376 $34,400,000
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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