The BlackRock closed-end funds (the “Funds”) listed below
announced today the results of the Quarterly Measurement Period (as
defined below) under their previously announced discount management
programs (the “Programs”). Funds with a Trigger Event (as defined
below) at the end of the Quarterly Measurement Period also
announced the dates of tender offers. The Programs are part of the
Funds’ ongoing efforts to manage discounts and enhance long-term
shareholder value and provide liquidity to the market for their
common shareholders. There can be no assurances as to the effect
that a Program will have on the market for a Fund’s shares or the
discount at which a Fund’s shares may trade relative to its
NAV.
As previously announced, under the Programs, each Fund intends
to offer to repurchase a portion of its outstanding common shares
based on 3-month measurement periods (each a "Measurement Period")
if the Fund's common shares trade at an average daily discount to
net asset value ("NAV") of greater than 7.50% during a Measurement
Period (a "Trigger Event"). The Funds’ first Measurement Period
commenced on April 1, 2024 and ended on June 30, 2024 (the
"Quarterly Measurement Period"). The average daily discount to NAV
for each of the Funds during the Quarterly Measurement Period is
summarized below.
Quarterly Measurement Period
Discount Results for the Funds in the Program
Fund Name
Ticker
Average Daily Discount for the
Measurement Period ended June 30, 2024
BlackRock Capital Allocation Term
Trust
BCAT
-8.81%
BlackRock ESG Capital Allocation
Term Trust
ECAT
-8.72%
BlackRock Innovation and Growth
Term Trust
BIGZ
-15.47%
BlackRock Health Sciences Term
Trust
BMEZ
-14.17%
BlackRock Science and Technology
Term Trust
BSTZ
-14.70%
BlackRock Enhanced Global
Dividend Trust
BOE
-14.06%
BlackRock Energy and Resources
Trust
BGR
-12.55%
BlackRock Enhanced International
Dividend Trust
BGY
-13.65%
BlackRock Enhanced Capital and
Income Fund
CII
-8.10%
BlackRock Enhanced Equity
Dividend Trust
BDJ
-11.23%
BlackRock Science and Technology
Trust
BST
-2.11%
BlackRock Health Sciences
Trust
BME
-8.53%
BlackRock Resources &
Commodities Strategy Trust
BCX
-13.52%
BlackRock MuniVest Fund, Inc.
MVF
-11.75%
BlackRock Utilities,
Infrastructure, & Power Opportunities Trust
BUI
-2.64%
The Funds’ Boards of Directors/Trustees (the “Boards”)
determined that if a Trigger Event occurred during the Quarterly
Measurement Period with respect to a Fund, the Fund would offer to
repurchase a portion of its outstanding common shares by conducting
a tender offer for 2.5% of its outstanding common shares at a price
equal to 98% of the Fund’s NAV per share as determined as of the
close of the regular trading session of the New York Stock Exchange
("NYSE") on the next day the NAV is calculated after the expiration
date of the tender offer or, if the offer is extended, on the next
day the NAV is calculated after the day to which the offer is
extended. As a result of the occurrence of a Trigger Event during
the Quarterly Measurement Period with respect to each of the
following Funds, the Board of each such Fund has authorized the
Fund’s tender offer with the anticipated commencement and
expiration dates outlined below.
Anticipated Tender Offer Dates
for the Funds
Event
CII, BDJ, BGR, BCAT
BMEZ, BME, BGY
BSTZ, BCX, BOE
MVF, ECAT, BIGZ
Tender Offer Commencement Date
Wednesday, July 17, 2024
Thursday, July 18, 2024
Friday, July 19, 2024
Monday, July 22, 2024
Tender Offer Expiration Date and Time
Friday, August 16, 2024 at 5:00
p.m. Eastern Time, unless otherwise extended
Monday, August 19, 2024 at 5:00
p.m. Eastern Time, unless otherwise extended
Tuesday, August 20, 2024 at 5:00
p.m. Eastern Time, unless otherwise extended
Wednesday, August 21, 2024 at
5:00 p.m. Eastern Time, unless otherwise extended
If more than 2.5% of a Fund's outstanding common shares are
tendered, the Fund will purchase its shares from tendering
shareholders on a pro rata basis at a price equal to 98% of the
Fund's NAV per share as determined as of the close of the regular
trading session of the NYSE on the next day the NAV is calculated
after the expiration date of the tender offer (or, if the offer is
extended, on the next day the NAV is calculated after the day to
which the offer is extended). Accordingly, there is no assurance
that a Fund will purchase all of a shareholder’s common shares
tendered in the tender offer. Payments for shares tendered and
accepted are expected to be made within approximately five business
days after the expiration date.
The terms and conditions of each Fund’s tender offer will be set
forth in an Offer to Purchase, a related Letter of Transmittal, and
related documents, which will be distributed to the respective
Fund's common shareholders. As soon as its tender offer commences,
each Fund will file a Tender Offer Statement on Schedule TO with
the U.S. Securities and Exchange Commission (the “SEC”), which will
include an Offer to Purchase and related Letter of Transmittal.
IMPORTANT NOTICE
This press release is for informational purposes only and is not
a recommendation, an offer to purchase or a solicitation of an
offer to sell any securities of the Funds and the above statements
are not intended to constitute an offer to participate in any
tender offer. Any offer to purchase Fund common shares will be made
pursuant to an offer on Schedule TO. COMMON SHAREHOLDERS ARE URGED
TO READ THE TENDER OFFER MATERIALS, INCLUDING THE OFFER TO PURCHASE
AND ANY SOLICITATION/RECOMMENDATION STATEMENT REGARDING THE TENDER
OFFER, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME,
WHEN THEY ARE FILED AND BECOME AVAILABLE, BECAUSE THEY CONTAIN
IMPORTANT INFORMATION THAT HOLDERS OF COMMON SHARES SHOULD CONSIDER
BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Common
shareholders may obtain a free copy of any of these statements and
other documents filed with the SEC at the website maintained by the
SEC at www.sec.gov or by directing such requests to the applicable
Fund.
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, we help millions of people build
savings that serve them throughout their lives by making investing
easier and more affordable. For additional information on
BlackRock, please visit www.blackrock.com/corporate
Availability of Fund Updates
BlackRock will update performance and certain other data for the
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 a
Fund may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to a 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 Funds’ net asset value; (2) the relative and absolute
investment performance of a 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, and regulatory, supervisory or
enforcement actions of government agencies relating to a Fund 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 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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version on businesswire.com: https://www.businesswire.com/news/home/20240701519636/en/
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