BlackRock Advisors, LLC today announced special distributions
for BlackRock Credit Allocation Income Trust I, Inc. (NYSE:PSW),
BlackRock Credit Allocation Income Trust II, Inc. (NYSE:PSY),
BlackRock Credit Allocation Income Trust III (NYSE:BPP) and
BlackRock Credit Allocation Income Trust IV (NYSE:BTZ)
(collectively, the “Funds”), in connection with the reorganization
of each of PSW, PSY and BPP with and into BTZ (the
“Reorganizations”).
With respect to PSW, PSY and BPP, the declaration announced
today represents the respective Fund’s final distribution,
inclusive of undistributed net investment income earned through the
effective date of the Reorganizations. In order to maintain their
status as regulated investment companies and to avoid the
imposition of a corporate level income tax, PSW, PSY and BPP are
required to distribute all of their respective net investment
income prior to the consummation of the Reorganizations.
It is currently expected that the Reorganizations will be
completed with the open for business of the New York Stock Exchange
on December 10, 2012, subject to all regulatory requirements and
customary closing conditions being satisfied. The Reorganizations,
if completed, would occur based on the relative net asset values of
(i) PSW and BTZ, (ii) PSY and BTZ and (iii) BPP and BTZ,
respectively.
Distribution details are as follows:
Declaration - 11/6/2012 Ex-Date -
11/14/2012 Record - 11/16/2012 Payable - 11/23/2012
Fund Name Ticker Special
Distribution BlackRock Credit Allocation Income Trust I, Inc.
PSW $0.086000 BlackRock
Credit Allocation Income Trust II, Inc.
PSY $0.138000 BlackRock Credit Allocation Income
Trust III BPP $0.085000
BlackRock Credit Allocation Income Trust IV
BTZ $0.037000
This communication is not intended to, and shall not, constitute
an offer to purchase or sell shares of any of the BlackRock funds,
including BTZ, the surviving fund in the Reorganizations. Investors
should consider the investment objectives, risks, charges and
expenses of their fund(s) carefully and consider in its entirety
the Joint Proxy Statement/Prospectus relating to the
Reorganizations which contains important information regarding the
investment objectives and policies, risks, charges, expenses and
other important information about BTZ.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At September 30, 2012, BlackRock’s AUM was $3.673
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, 2012, the firm
has approximately 10,400 employees in 29 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 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, including the Dodd-Frank Wall
Street Reform and Consumer Protection Act, and regulatory,
supervisory or enforcement actions of government agencies relating
to a Fund 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 a
Fund with the 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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