Certain BlackRock Closed-End Funds Announce Tender Offer in Conjunction with Results of the Quarterly Measurement Period of their Discount Management Programs
NEW YORK--(BUSINESS WIRE)--July 01, 2024--
The BlackRock closed-end funds (the "Funds") listed below announced today the results of the Quarterly Measurement Period (as defined below) under their previously announced discount management programs (the "Programs"). Funds with a Trigger Event (as defined below) at the end of the Quarterly Measurement Period also announced the dates of tender offers. The Programs are part of the Funds' ongoing efforts to manage discounts and enhance long-term shareholder value and provide liquidity to the market for their common shareholders. There can be no assurances as to the effect that a Program will have on the market for a Fund's shares or the discount at which a Fund's shares may trade relative to its NAV.
As previously announced, under the Programs, each Fund intends to offer to repurchase a portion of its outstanding common shares based on 3-month measurement periods (each a "Measurement Period") if the Fund's common shares trade at an average daily discount to net asset value ("NAV") of greater than 7.50% during a Measurement Period (a "Trigger Event"). The Funds' first Measurement Period commenced on April 1, 2024 and ended on June 30, 2024 (the "Quarterly Measurement Period"). The average daily discount to NAV for each of the Funds during the Quarterly Measurement Period is summarized below.
Quarterly Measurement Period Discount Results for the Funds in the Program
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Average Daily Discount for the
Measurement Period ended June 30,
Fund Name Ticker 2024
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BlackRock Capital Allocation Term
Trust BCAT -8.81%
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BlackRock ESG Capital Allocation
Term Trust ECAT -8.72%
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BlackRock Innovation and Growth
Term Trust BIGZ -15.47%
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BlackRock Health Sciences Term
Trust BMEZ -14.17%
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BlackRock Science and Technology
Term Trust BSTZ -14.70%
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BlackRock Enhanced Global Dividend
Trust BOE -14.06%
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BlackRock Energy and Resources
Trust BGR -12.55%
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BlackRock Enhanced International
Dividend Trust BGY -13.65%
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BlackRock Enhanced Capital and
Income Fund CII -8.10%
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BlackRock Enhanced Equity Dividend
Trust BDJ -11.23%
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BlackRock Science and Technology
Trust BST -2.11%
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BlackRock Health Sciences Trust BME -8.53%
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BlackRock Resources & Commodities
Strategy Trust BCX -13.52%
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BlackRock MuniVest Fund, Inc. MVF -11.75%
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BlackRock Utilities,
Infrastructure, & Power
Opportunities Trust BUI -2.64%
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The Funds' Boards of Directors/Trustees (the "Boards") determined that if a Trigger Event occurred during the Quarterly Measurement Period with respect to a Fund, the Fund would offer to repurchase a portion of its outstanding common shares by conducting a tender offer for 2.5% of its outstanding common shares at a price equal to 98% of the Fund's NAV per share as determined as of the close of the regular trading session of the New York Stock Exchange ("NYSE") on the next day the NAV is calculated after the expiration date of the tender offer or, if the offer is extended, on the next day the NAV is calculated after the day to which the offer is extended. As a result of the occurrence of a Trigger Event during the Quarterly Measurement Period with respect to each of the following Funds, the Board of each such Fund has authorized the Fund's tender offer with the anticipated commencement and expiration dates outlined below.
Anticipated Tender Offer Dates for the Funds
Event CII, BDJ, BGR, BMEZ, BME, BGY BSTZ, BCX, BOE MVF, ECAT,
BCAT BIGZ
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Tender Offer Wednesday, Thursday, July Friday, July Monday, July
Commencement July 17, 2024 18, 2024 19, 2024 22, 2024
Date
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Tender Offer Friday, August Monday, August Tuesday, Wednesday,
Expiration 16, 2024 at 19, 2024 at August 20, August 21,
Date and Time 5:00 p.m. 5:00 p.m. 2024 at 5:00 2024 at 5:00
Eastern Time, Eastern Time, p.m. Eastern p.m. Eastern
unless unless Time, unless Time, unless
otherwise otherwise otherwise otherwise
extended extended extended extended
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If more than 2.5% of a Fund's outstanding common shares are tendered, the Fund will purchase its shares from tendering shareholders on a pro rata basis at a price equal to 98% of the Fund's NAV per share as determined as of the close of the regular trading session of the NYSE on the next day the NAV is calculated after the expiration date of the tender offer (or, if the offer is extended, on the next day the NAV is calculated after the day to which the offer is extended). Accordingly, there is no assurance that a Fund will purchase all of a shareholder's common shares tendered in the tender offer. Payments for shares tendered and accepted are expected to be made within approximately five business days after the expiration date.
The terms and conditions of each Fund's tender offer will be set forth in an Offer to Purchase, a related Letter of Transmittal, and related documents, which will be distributed to the respective Fund's common shareholders. As soon as its tender offer commences, each Fund will file a Tender Offer Statement on Schedule TO with the U.S. Securities and Exchange Commission (the "SEC"), which will include an Offer to Purchase and related Letter of Transmittal.
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 SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the applicable Fund.
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Availability of Fund Updates
BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the "Closed-end Funds" section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock's website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock's website in this release.
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