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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Blackrock Credit Allocation Income Trust Iii | NYSE:BPP | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.02 | 0.00 | 01:00:00 |
From Jul 2019 to Jul 2024
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 DateTotal 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 $23,475,000BlackRock 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 DateTotal Shares to beRedeemed
Aggregate PrincipalAmount to be Redeemed
M7 09255J200 December 7, 2010 805 $20,125,000 T7 09255J309 December 8, 2010 805 $20,125,000BlackRock 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 DateTotal 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 $19,600,000About 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.
1 Year Blackrock Credit Allocation Income Trust Iii Chart |
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