BlackRock Advisors, LLC announced today that the BlackRock tax-exempt closed-end funds listed below (the “Funds”) anticipate the redemption of all of their outstanding auction rate preferred shares (“ARPS”) at their respective liquidation preferences together with accrued and unpaid dividends, if any, to the redemption date. These redemptions, which will total approximately $81.3 million (excluding accrued and unpaid dividends, if any), are expected to be funded with cash and proceeds received from the anticipated placement of privately issued preferred shares. The Funds anticipate that the redemption of ARPS will occur shortly after the closing of the preferred shares by the Funds, which is currently expected to be May or June 2012.
Applicable Funds and ARPS Outstanding are as follows:
|BlackRock Virginia Municipal Bond Trust||BHV||$11,675,000|
|BlackRock New Jersey Municipal Bond Trust||BLJ||$18,775,000|
|The BlackRock Pennsylvania Strategic Municipal Trust||BPS||$16,325,000|
|BlackRock Maryland Municipal Bond Trust||BZM||$16,000,000|
|Massachusetts Health & Education Tax-Exempt Trust||MHE||$18,500,000|
The timing of each Fund’s placement of preferred shares and the related redemption of ARPS may vary and is subject to a number of factors, including, but not limited to, the negotiation of definitive agreements, changes in market conditions (including interest rates), eligibility of collateral held by the Funds, the ability to obtain necessary ratings for the preferred shares, and the cost, benefits and tax consequences to Fund shareholders of the preferred shares issued by the Funds, any of which for a given Fund may delay or prevent the transactions contemplated herein. Accordingly, each Fund’s Board of Trustees will determine, based on the facts and circumstances applicable to each Fund at any particular time, when each Fund’s preferred share offering and redemption of each Fund’s ARPS will occur. There can be no assurance that all or any portion of any Fund’s ARPS will be redeemed.
BlackRock will continue to keep market participants and shareholders informed of the Funds’ progress to redeem ARPS via press releases and on BlackRock’s website at www.blackrock.com.
This information does not constitute an offer for sale of any securities.
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At March 31, 2012, BlackRock’s AUM was $3.684 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 March 31, 2012, the firm has approximately 9,900 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 BlackRock’s website at www.blackrock.com.
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 Fund 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 a Fund or in a 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 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; 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 the Funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC's website at www.sec.govand 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.