Certain BlackRock Municipal Closed-End Funds Announce Variable Rate Muni Term Preferred Shares Actions

By: BlackRock Closed-End Funds via Business Wire

November 02, 2023 at 17:15 PM EDT

BlackRock Advisors, LLC today announced BlackRock Municipal Income Trust (NYSE: BFK), BlackRock Investment Quality Municipal Trust, Inc. (NYSE: BKN), BlackRock Municipal Income Trust II (NYSE: BLE), BlackRock Municipal Income Quality Trust (NYSE: BYM), BlackRock MuniHoldings Fund, Inc. (NYSE: MHD), BlackRock MuniYield Quality Fund II, Inc. (NYSE: MQT), BlackRock MuniHoldings Quality Fund II, Inc. (NYSE: MUE), BlackRock MuniVest Fund, Inc. (NYSE: MVF), and BlackRock MuniVest Fund II, Inc. (NYSE: MVT) (collectively, the “Funds”) intend to redeem a portion of their outstanding Series W-7 Variable Rate Muni Term Preferred Shares (“VMTP Shares”) on or about November 24, 2023, at a redemption price equal to the liquidation preference of $100,000 per share, together with accumulated and unpaid dividends through the day prior to the redemption date. Shareholders are expected to benefit from lower expenses as a result of the redemptions. For more details on each Fund and its VMTP Shares see below:

Fund Name	Ticker	VMTP Details	VMTP CUSIP	VMTP Shares to be Redeemed
BlackRock Municipal Income Trust	BFK	Series W-7 Variable Rate Muni Term Preferred Shares	09248F703	1,167
BlackRock Investment Quality Municipal Trust, Inc.	BKN	Series W-7 Variable Rate Muni Term Preferred Shares	09247D501	581
BlackRock Municipal Income Trust II	BLE	Series W-7 Variable Rate Muni Term Preferred Shares	09249N606	1,286
BlackRock Municipal Income Quality Trust	BYM	Series W-7 Variable Rate Muni Term Preferred Shares	092479500	396
BlackRock MuniHoldings Fund, Inc.	MHD	Series W-7 Variable Rate Muni Term Preferred Shares	09253N500	1,338
BlackRock MuniYield Quality Fund II, Inc.	MQT	Series W-7 Variable Rate Muni Term Preferred Shares	09254G603	379
BlackRock MuniHoldings Quality Fund II, Inc.	MUE	Series W-7 Variable Rate Muni Term Preferred Shares	09254C503	530
BlackRock MuniVest Fund, Inc.	MVF	Series W-7 Variable Rate Muni Term Preferred Shares	09253R808	902
BlackRock MuniVest Fund II, Inc.	MVT	Series W-7 Variable Rate Muni Term Preferred Shares	09253T606	623

This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

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BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock

Availability of Fund Updates

BlackRock will update performance and certain other data for each Fund 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 each Fund. This reference to BlackRock’s website is intended to allow investors public access to information regarding each Fund and does not, and is not intended to, incorporate BlackRock’s website in this release.

Forward-Looking Statements

This press release, and other statements that BlackRock or each Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund’s 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 each Fund, 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 Fund or in the 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, 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231102335297/en/

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Certain BlackRock Municipal Closed-End Funds Announce Variable Rate Muni Term Preferred Shares Actions

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