BlackRock Advisors, LLC today announced that BlackRock
California Municipal 2018 Term Trust (NYSE: BJZ), BlackRock
Municipal 2020 Term Trust (NYSE: BKK), BlackRock New York Municipal
2018 Term Trust (NYSE: BLH) and BlackRock Municipal 2018 Term Trust
(NYSE: BPK) (the “Funds”) each provided a notice of the redemption
of a portion of its issued and outstanding auction rate preferred
shares (“ARPS”).
The redemptions announced today, which total $41.375 million in
ARPS, will be conducted at a liquidation preference of $25,000 per
share, together with accrued and unpaid dividends thereon to the
redemption date, if applicable. When taken together with previously
announced redemptions of ARPS by BlackRock closed-end funds, these
redemptions total approximately $9.54 billion across BlackRock
taxable and tax-exempt closed-end funds (approximately 97.1% of the
total ARPS outstanding as of February 2008).
The Depository Trust Company (DTC), the holder of record for the
ARPS, determines by random lottery how the partial redemption will
be allocated among each participant broker-dealer account that
holds ARPS and each participant broker-dealer determines how to
allocate each partial redemption among its respective ARPS
holders.
Please see redemption details for each Fund’s respective series
of ARPS below.
BJZ:
Series CUSIP
Redemption Date
Total Sharesto
beRedeemed
Aggregate PrincipalAmount to
beRedeemed
M-7 09249C204 August 6, 2013
56
$1,400,000
(Represents 3.4% of BJZ’s ARPS currently
outstanding)
BKK:
Series CUSIP
Redemption Date
Total Sharesto
beRedeemed
Aggregate PrincipalAmount to
beRedeemed
F-7 09249X406 August 5, 2013
413 $10,325,000 M-7 09249X208
August 6, 2013 413
$10,325,000 W-7 09249X307 August 1,
2013 413 $10,325,000
(Represents 20.0% of BKK’s ARPS currently
outstanding)
BLH:
Series CUSIP
Redemption Date
Total Sharesto
beRedeemed
Aggregate PrincipalAmount to
beRedeemed
T-7 09248K207 July 31, 2013
136 $3,400,000
(Represents 13.2% of BLH’s ARPS currently
outstanding)
BPK:
Series CUSIP
Redemption Date
Total Sharesto
beRedeemed
Aggregate PrincipalAmount to
beRedeemed
W-7 09248C205 August 1, 2013
112 $2,800,000 R-7 09248C304
August 2, 2013 112
$2,800,000
(Represents 6.5% of BPK’s ARPS currently
outstanding)
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At March 31, 2013, BlackRock’s AUM was $3.936 trillion.
BlackRock helps clients meet their goals and overcome challenges
with a range of products that include 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, 2013, the firm has
approximately 10,600 employees in 30 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 BlackRock’s website at
www.blackrock.com.
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 a Fund’s 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 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) 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 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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