Certain BlackRock Closed-End Funds Provide Updates on their Discount Management Programs
Under the Programs, each Fund intends to offer to repurchase a minimum of 5% of its outstanding common shares if the Fund’s common shares trade at an average daily discount to net asset value (“NAV”) of greater than 10% during the measurement period that commenced on
Measurement Period Results for the Funds in the Program
|
||
Fund |
Ticker |
Average Daily Premium/(Discount) for the Measurement Period ended |
|
BCAT |
(4.77%) |
|
ECAT |
(2.89%) |
|
BSTZ |
(7.82%) |
|
BOE |
(8.63%) |
|
BGR |
(5.33%) |
|
BGY |
(7.65%) |
|
CII |
(6.09%) |
|
BDJ |
(5.91%) |
|
BST |
(5.16%) |
|
BME |
(7.29%) |
|
BCX |
(7.91%) |
|
BUI |
+1.87% |
Based on the average daily discounts during the Measurement Period, tender offers are not required under the Programs and therefore the Funds will not be conducting tender offers.
The Programs are part of each Fund’s ongoing effort to manage their premium/(discount) to NAV, enhance long-term shareholder value and provide liquidity to the market for their common shareholders. There can be no assurances as to the effect, if any, that the Program will have on the market for each Fund’s shares or the discount at which each Fund’s shares may trade relative to their NAV.
IMPORTANT NOTICE
This press release is for informational purposes only and is not a recommendation, an offer to purchase or a solicitation of an offer to sell any securities of the Funds and the above statements are not intended to constitute an offer to participate in any tender offer. Any offer to purchase Fund common shares will be made pursuant to an offer on Schedule TO. COMMON SHAREHOLDERS ARE URGED TO READ THE TENDER OFFER MATERIALS, INCLUDING THE OFFER TO PURCHASE AND ANY SOLICITATION/RECOMMENDATION STATEMENT REGARDING THE TENDER OFFER, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, WHEN THEY ARE FILED AND BECOME AVAILABLE, BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF COMMON SHARES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Common shareholders may obtain a free copy of any of these statements and other documents filed with the
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Availability of Fund Updates
Forward-Looking Statements
This press release, and other statements that
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 Funds’ 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, and regulatory, supervisory or enforcement actions of government agencies relating to a Fund or
Annual and Semi-Annual Reports and other regulatory filings of the Funds with the Securities and Exchange Commission (“SEC”) are accessible on the
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