NEW YORK–(BUSINESS WIRE)–Feb 19, 2021–
BlackRock Advisors, LLC today announced the declaration of a special distribution for BlackRock Municipal Income Investment Quality Trust (NYSE: BAF), BlackRock Municipal Bond Trust (NYSE: BBK), BlackRock MuniHoldings Fund II, Inc. (NYSE: MUH), BlackRock MuniHoldings Quality Fund, Inc. (NYSE: MUS), and BlackRock MuniHoldings Fund, Inc. (NYSE: MHD) (collectively, the “Funds”) in connection with the reorganizations of BAF, BBK, MUH, and MUS into MHD, with MHD continuing (the “Combined Fund”) as the surviving Fund (the “Reorganizations”).
With respect to each of the Funds, the special distribution declared today represents undistributed net investment income earned through the effective date of the Reorganizations. In order to maintain status as a regulated investment company and to avoid the imposition of a corporate level income tax, each of BAF, BBK, MUH, and MUS are required to declare a distribution of all net investment income prior to the consummation of the Reorganizations as described below. Other than the special distribution announced today, BAF, BBK, MUH, and MUS will declare no further distributions prior to or following the Reorganizations. As this special distribution includes all net investment income earned by each Fund in earlier periods and not previously distributed, it is not indicative of the amount of the Combined Fund’s future monthly distributions.
BAF, BBK, MUH, and MUS are declaring a special distribution that will be payable on April 1, 2021. The ex-dividend date for the distribution is March 2, 2021 and the record date is March 3, 2021. Accordingly, persons who are holders of record of BAF, BBK, MUH, or MUS common shares on March 3, 2021 should expect to receive the distribution. The distribution payable to shareholders of BAF, BBK, MUH, and MUS will be paid in cash. Common shares of BAF, BBK, MUH, or MUS acquired after March 1 st, 2021 will not be entitled to the distribution.
MHD is declaring a special distribution that will be payable on April 1, 2021. The ex-dividend date for the distribution is March 2, 2021, and the record date is March 3, 2021. Accordingly, persons who are holders of record of MHD common shares on March 3, 2021 should expect to receive the distribution. Common shares of MHD acquired after March 1 st, 2021 will not be entitled to the distribution.
Common shares of BAF, BBK, MUH, MUS, or MHD acquired after March 1 st, 2021 will not be entitled to their respective special distributions and will not be eligible to receive a distribution until an initial distribution is declared on the Combined Fund after the closing of the Reorganizations. We expect that on April 1, 2021 the Combined Fund will declare its first monthly distribution payable on May 3, 2021.
It is currently expected that the Reorganizations will be completed by the open of business on the New York Stock Exchange on March 8, 2021, subject to the satisfaction of customary closing conditions. To facilitate the Merger, all shares of BAF, BBK, MUH, and MUS will cease trading on the NYSE as of market close on Friday, March 5, 2021. Each 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 Muni Term Preferred Shares (“VMTP Shares”) of each of BAF, BBK, MUH and MUS would receive on a one-for-one basis VMTP Shares of MHD in an amount equal to the aggregate VMTP Share liquidation preference (including any accumulated and unpaid dividends) held by holders of BAF, BBK, MUH and MUS VMTP Shares immediately prior to the Reorganizations.
Distribution details are as follows:
Declaration- 2/19/2021 Ex-Date- 3/2/2021 Record- 3/3/2021 Payable- 4/1/2021
|BlackRock Municipal Income Investment Quality Trust||BAF||$0.0983920|
|BlackRock Municipal Bond Trust||BBK||$0.1626810|
|BlackRock MuniHoldings Fund II, Inc.||MUH||$0.1121720|
|BlackRock MuniHoldings Quality Fund, Inc.||MUS||$0.1038750|
|BlackRock MuniHoldings Fund, Inc||MHD||$0.0605000|
This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the BlackRock funds, including MHD, the surviving Fund in the Reorganizations.
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Annual and Semi-Annual Reports and other regulatory filings of the Funds with the 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.
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CONTACT: BlackRock Closed-End Funds
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: BlackRock Closed-End Funds
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PUB: 02/19/2021 05:30 PM/DISC: 02/19/2021 05:30 PM