BlackRock Advisors, LLC today announced the intention to redeem
all of the outstanding auction rate preferred shares (ARPS) issued
by five of its taxable closed-end funds: BPP, BTZ, PSW, PSY, and
BGT. The announced redemptions encompass all remaining taxable ARPS
issued by BlackRock closed-end funds and total approximately $569
million. When taken together with BlackRock’s previously announced
redemptions of ARPS, BlackRock would have redeemed more than $3.7
billion of BlackRock’s total outstanding ARPS issued across its
taxable and tax-exempt closed-end funds. BlackRock announced that
the ARPS would be replaced with either reverse repurchase agreement
financing or credit facility financing on a fund-by-fund basis and,
in each case, the refinancing is expected to result in a lower cost
of financing for each fund under current market conditions.
BlackRock also stated that BTZ and PSY are nominal defendants in
a previously announced shareholder derivative action filed in the
State of New York. In exchange for the shareholder plaintiff's
agreement to withdraw a previously filed motion for preliminary
injunction enjoining any further redemptions of ARPS, each of BTZ
and PSY agreed to provide the plaintiffs in those actions with 30
days prior notice of any additional redemptions. As a result,
although BTZ and PSY currently intend to redeem all of their ARPS
as set forth below, they will not issue formal Notices of
Redemption with respect to their ARPS for at least 30 days from
today. The redemption dates set forth below for BTZ and PSY are
conditioned upon the absence of any legal impediments to completing
the redemptions as scheduled.
For more information on the specific BlackRock ARPS that are to
be redeemed, including CUSIP numbers and anticipated redemption
dates, please see the redemption schedule included in this press
release.
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.
Redemption
Schedule
ARPS Issued by BlackRock Taxable
Closed-End Funds
BlackRock Credit Allocation Income
Trust III (NYSE:BPP)
Series CUSIP Redemption Date
Total Shares to
beRedeemed
Aggregate PrincipalAmount to be
Redeemed
T7 09249V202 December 8, 2010 939
$23,475,000 W7 09249V301 December 9, 2010 939
$23,475,000 R7 09249V400 December 10, 2010
939 $23,475,000
BlackRock Credit Allocation Income
Trust IV (NYSE:BTZ)
Series CUSIP Redemption Date*
Total Shares to
beRedeemed
Aggregate PrincipalAmount to be
Redeemed
T7 092508209 January 5, 2011 2,310
$57,750,000 W7 092508308 January 6, 2011 2,310
$57,750,000 R7 092508407 January 7, 2011
2,310 $57,750,000 F7 092508506 January
10, 2011 2,310 $57,750,000
* Redemptions on these dates are conditioned upon the
absence of any legal impediments to completing the redemptions as
scheduled.
BlackRock Credit Allocation Income
Trust I, Inc. (NYSE:PSW)
Series CUSIP Redemption Date
Total Shares to
beRedeemed
Aggregate PrincipalAmount to be
Redeemed
M7 09255J200 December 7, 2010 805
$20,125,000 T7 09255J309 December 8, 2010 805
$20,125,000
BlackRock Credit Allocation Income
Trust II, Inc. (NYSE:PSY)
Series CUSIP Redemption Date*
Total Shares to
beRedeemed
Aggregate PrincipalAmount to be
Redeemed
M7 09255H204 January 4, 2011 861
$21,525,000 T7 09255H303 January 5, 2011 861
$21,525,000 W7 09255H402 January 6, 2011
861 $21,525,000 R7 09255H501 January 7,
2011 861 $21,525,000 F7 09255H600
January 10, 2011 861 $21,525,000 W28 09255H709
January 13, 2011 1,228 $30,700,000 R28
09255H808 January 28, 2011 1,228 $30,700,000
* Redemptions on these dates are conditioned upon the
absence of any legal impediments to completing the redemptions as
scheduled.
BlackRock Floating Rate Income Trust
(NYSE:BGT)
Series CUSIP Redemption Date
Total Shares to
beRedeemed
Aggregate PrincipalAmount to be
Redeemed
T7 091941203 December 8, 2010 784
$19,600,000 W7 091941302 December 9, 2010 784
$19,600,000 R7 091941401 December 10, 2010
784 $19,600,000
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At September 30, 2010, BlackRock’s assets under
management were $3.446 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 September 30, 2010, the firm
has approximately 8,900 employees in 24 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 any
forward-looking statements or historical performance: (1) changes
in political, economic or industry conditions, the interest rate
environment or financial and capital markets, which could result in
changes in each Fund’s net asset value; (2) the performance of each
Fund’s investments; (3) the impact of increased competition; (4)
the extent and timing of any distributions or share repurchases;
(5) the impact of legislative and regulatory actions and reforms
and regulatory, supervisory or enforcement actions of government
agencies relating to each Fund or BlackRock, as applicable; and (6)
BlackRock’s ability to attract and retain highly talented
professionals.
The Annual and Semi-Annual Reports and other regulatory filings
of each Fund 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 Fund. The information
contained on BlackRock’s website is not a part of this press
release.
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