NEW YORK--(BUSINESS WIRE)--BlackRock Advisors, LLC today announced the declaration of a special distribution for BlackRock MuniYield New Jersey Fund, Inc. (NYSE: MYJ) and an early declaration for BlackRock MuniHoldings New Jersey Quality Fund, Inc. (NYSE: MUJ and together with MYJ, the “Funds,” and each, a “Fund”) in connection with the reorganization of MYJ into MUJ, with MUJ continuing (the “Combined Fund”) as the surviving Fund (the “Reorganization”).
With respect to MYJ, the special distribution declared today represents undistributed net investment income earned through the effective date of the Reorganization. In order to maintain status as a regulated investment company and to avoid the imposition of a corporate level income tax, MYJ is required to declare a distribution of all net investment income prior to the consummation of the Reorganization as described below. Other than the special distribution announced today, MYJ will declare no further distributions prior to or following the Reorganization. As this special distribution includes all net investment income earned by the Fund in earlier periods and not previously distributed, it is not indicative of the amount of the Combined Fund’s future monthly distributions.
MYJ is declaring a special distribution that will be payable on May 2, 2022. The ex-dividend date for the distribution is April 6, 2022 and the record date is April 7, 2022. Accordingly, persons who are holders of record of MYJ common shares on April 7, 2022 should expect to receive the distribution. The distribution payable to shareholders of MYJ will be paid in cash. Common shares of MYJ acquired after April 5, 2022 will not be entitled to the distribution.
MUJ is declaring early its monthly distribution that will be payable on May 2, 2022. The ex-dividend date for the distribution is April 6, 2022, and the record date is April 7, 2022. Accordingly, persons who are holders of record of MUJ common shares on April 7, 2022 should expect to receive the distribution. Common shares of MUJ acquired after April 5, 2022 will not be entitled to the distribution.
Common shares of MYJ acquired after April 5, 2022 will not be entitled to the special distribution and will not be eligible to receive a distribution until an initial distribution is declared on the Combined Fund after the closing of the Reorganization. We expect that on May 2, 2022 the Combined Fund will declare its first monthly distribution payable on June 1, 2022.
It is currently expected that the Reorganization will be completed by the open of business on the New York Stock Exchange on April 11, 2022, subject to the satisfaction of customary closing conditions. To facilitate the Merger, all shares of MYJ will cease trading on the NYSE as of market close on Friday, April 8, 2022. The Reorganization, if completed, would occur based on the relative net asset values of the common shares of the applicable Funds. In addition, holders of Variable Rate Demand Preferred Shares (“VRDP Shares”) of MYJ would receive on a one-for-one basis VRDP Shares of MUJ in an amount equal to the aggregate VRDP Share liquidation preference (including any accumulated and unpaid dividends) held by holders of MYJ VRDP Shares immediately prior to the Reorganization.
Distribution details are as follows:
Declaration- 3/18/2022 Ex-Date- 4/6/2022 Record- 4/7/2022 Payable- 5/2/2022
Fund |
Ticker |
Per-Share Distribution |
BlackRock MuniYield New Jersey Fund, Inc. |
MYJ |
$0.062500 |
BlackRock MuniHoldings New Jersey Quality Fund, Inc. |
MUJ |
$0.063000 |
This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the BlackRock funds, including MYJ, the surviving Fund in the Reorganization.
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