NEW YORK--(BUSINESS WIRE)--BlackRock Advisors, LLC today announced that fifteen BlackRock tax-exempt closed-end funds (the “Funds”) each successfully priced and placed Variable Rate Muni Term Preferred Shares (“VMTP”) pursuant to an offering exempt from registration under the Securities Act of 1933.
Totaling approximately $1.76 billion in aggregate, the proceeds from the VMTP issuances will be used to redeem all of each Fund’s outstanding auction rate preferred shares (“ARPS”). ARPS redemptions for the Funds are expected to be announced on December 19, 2011 and December 30, 2011, as applicable. The ARPS redemptions associated with each Fund’s issuance of VMTP, together with previously announced redemptions of ARPS by BlackRock closed-end funds, total approximately $8.71 billion across BlackRock taxable and tax-exempt closed-end funds (approximately 89% of the total ARPS outstanding as of February 2008).
The following table shows VMTP issuance by Fund:
| Fund | Ticker | Amount | |||||||
| BlackRock Municipal Income Investment Quality Trust | BAF | $ | 42,200,000 | ||||||
| BlackRock Municipal Bond Trust | BBK | $ | 79,900,000 | ||||||
| BlackRock Municipal Income Trust | BFK | $ | 270,800,000 | ||||||
| The BlackRock Investment Quality Municipal Trust, Inc. | BKN | $ | 125,900,000 | ||||||
| BlackRock Municipal Income Trust II | BLE | $ | 151,300,000 | ||||||
| The BlackRock Strategic Municipal Trust | BSD | $ | 42,900,000 | ||||||
| BlackRock Municipal Income Quality Trust | BYM | $ | 137,200,000 | ||||||
| BlackRock MuniYield Investment Quality Fund | MFT | $ | 56,500,000 | ||||||
| BlackRock MuniHoldings Fund, Inc. | MHD | $ | 83,700,000 | ||||||
| BlackRock MuniYield Quality Fund II, Inc. | MQT | $ | 116,500,000 | ||||||
| BlackRock MuniHoldings Quality Fund II, Inc. | MUE | $ | 131,000,000 | ||||||
| BlackRock MuniHoldings Fund II, Inc. | MUH | $ | 55,000,000 | ||||||
| BlackRock MuniHoldings Quality Fund, Inc. | MUS | $ | 87,000,000 | ||||||
| BlackRock MuniVest Fund II, Inc. | MVT | $ | 140,000,000 | ||||||
| BlackRock MuniVest Fund, Inc. | MVF | $ | 243,800,000 | ||||||
In connection with this issuance, BlackRock will post regular portfolio information for the Funds on its public website at www.blackrock.com. This information includes fund holdings (which will be available monthly after a 15-day lag) and asset coverage and leverage ratios (which will be available weekly). BlackRock will continue to keep market participants and shareholders informed of its closed-end funds’ progress to redeem ARPS via press releases and on the firm’s website.
This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.
About BlackRock
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At September 30, 2011, BlackRock’s AUM was $3.345 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, 2011, the firm had approximately 10,200 employees in 27 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 each of 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 Fund or in the Fund’s net asset value; (2) the relative and absolute investment performance of the 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 recently approved Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the 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; (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (12) the ability of BlackRock to integrate the operations of Barclays Global Investors.
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.