Certain BlackRock Funds Announce Final Results of Tender Offers
BlackRock closed-end funds announced final results of their tender offers for up to 2.5% of outstanding common shares. The offers, which expired on August 20, 2024, were oversubscribed for each fund. As a result, shares will be purchased from all tendering shareholders on a pro rata basis. The BlackRock Science and Technology Term Trust (BSTZ) had 23,251,771 shares tendered, with 1,901,766 to be purchased at $21.4522 per share. The pro-ration factor for BSTZ is 0.08188543. Two other BlackRock funds, BCX and BOE, also reported their tender offer results. Payments for accepted shares are expected within five business days after the expiration date.
I fondi chiusi di BlackRock hanno annunciato i risultati finali delle loro offerte di acquisto per un massimo del 2,5% delle azioni ordinarie in circolazione. Le offerte, scadute il 20 agosto 2024, sono state sovra-allocate per ciascun fondo. Di conseguenza, le azioni saranno acquistate da tutti gli azionisti che hanno presentato la domanda su base pro rata. Il BlackRock Science and Technology Term Trust (BSTZ) ha visto 23.251.771 azioni presentate, con 1.901.766 che saranno acquistate a $21.4522 per azione. Il fattore di pro-rata per il BSTZ è 0,08188543. Altri due fondi BlackRock, BCX e BOE, hanno anch'essi riportato i risultati delle loro offerte. I pagamenti per le azioni accettate sono previsti entro cinque giorni lavorativi dopo la data di scadenza.
Los fondos cerrados de BlackRock anunciaron los resultados finales de sus ofertas de compra por hasta el 2.5% de las acciones ordinarias en circulación. Las ofertas, que expiraron el 20 de agosto de 2024, fueron sobresuscritas en cada fondo. Como resultado, las acciones serán adquiridas de todos los accionistas que presentaron la oferta en proporción a su participación. El BlackRock Science and Technology Term Trust (BSTZ) recibió 23,251,771 acciones ofrecidas, con 1,901,766 que se comprarán a $21.4522 por acción. El factor de pro-rata para el BSTZ es 0.08188543. Otros dos fondos de BlackRock, BCX y BOE, también reportaron los resultados de sus ofertas. Los pagos por las acciones aceptadas se esperan dentro de los cinco días hábiles posteriores a la fecha de expiración.
블랙록의 폐쇄형 펀드가 유통 중인 보통주 2.5%까지의 매수 제안 최종 결과를 발표했습니다. 제안은 2024년 8월 20일에 만료되었으며, 각 펀드에 대해 과도하게 신청이 접수되었습니다. 그 결과, 모든 입찰 주주로부터의 주식은 비례 배분을 통해 구매됩니다. 블랙록 과학 및 기술 기한 신탁 (BSTZ)는 23,251,771주의 주식을 제출받였고, 그 중 1,901,766주가 주당 $21.4522에 구매될 예정입니다. BSTZ의 비례 배분 비율은 0.08188543입니다. 블랙록의 다른 두 펀드인 BCX와 BOE도 제안 결과를 보고했습니다. 수락된 주식의 지급은 만료일 이후 5영업일 이내에 이루어질 것으로 예상됩니다.
Les fonds fermés de BlackRock ont annoncé les résultats finaux de leurs offres de rachat pour jusqu'à 2,5 % des actions ordinaires en circulation. Les offres, qui ont expiré le 20 août 2024, ont été sursouscrites pour chaque fonds. En conséquence, les actions seront achetées auprès de tous les actionnaires ayant fait une offre sur une base pro rata. Le BlackRock Science and Technology Term Trust (BSTZ) a enregistré 23,251,771 actions présentées, dont 1,901,766 seront achetées à 21,4522 $ par action. Le facteur de pro-rata pour le BSTZ est de 0,08188543. Deux autres fonds BlackRock, BCX et BOE, ont également rapporté les résultats de leurs offres de rachat. Les paiements pour les actions acceptées sont attendus dans les cinq jours ouvrables suivant la date d'expiration.
Die geschlossenen Fonds von BlackRock haben die endgültigen Ergebnisse ihrer Rückkaufangebote für bis zu 2,5% der ausgegebenen Stammaktien bekannt gegeben. Die Angebote, die am 20. August 2024 abgelaufen sind, waren für jeden Fonds überzeichnet. Infolgedessen werden Aktien von allen tendernden Aktionären anteilig erworben. Der BlackRock Science and Technology Term Trust (BSTZ) hatte 23.251.771 eingereichte Aktien, von denen 1.901.766 zu einem Preis von 21,4522 $ pro Aktie gekauft werden. Der Pro-Rata-Faktor für BSTZ beträgt 0,08188543. Zwei weitere BlackRock-Fonds, BCX und BOE, berichteten ebenfalls über ihre Rückkaufangebote. Die Zahlungen für die angenommenen Aktien werden voraussichtlich innerhalb von fünf Geschäftstagen nach dem Ablaufdatum erfolgen.
- Oversubscription of tender offers indicates strong shareholder interest
- Pro rata purchase ensures fair treatment of all tendering shareholders
- Purchase price set at 98% of NAV, potentially benefiting remaining shareholders
- number of shares accepted may disappoint some shareholders wanting to exit
- Oversubscription could indicate investor desire to reduce exposure to the funds
The Tender Offers, which expired at 5:00 p.m. Eastern time on August 20, 2024, were oversubscribed for each Fund.
Therefore, in accordance with the terms and conditions of the Tender Offers, each Fund will purchase Shares from all tendering shareholders on a pro rata basis, after disregarding fractions, based on the number of Shares properly tendered (“Pro-Ration Factor”). The final results of the Tender Offers are provided in the table below.
Fund Name |
Ticker |
CUSIP |
Number of Shares Tendered |
Number of Tendered Shares to be Purchased |
Pro-Ration Factor |
Purchase Price* |
BlackRock Science and Technology Term Trust |
BSTZ |
09260K101 |
23,251,771 |
1,901,766 |
0.08188543 |
|
BlackRock Resources & Commodities Strategy Trust |
BCX |
09257A108 |
22,521,822 |
2,109,082 |
0.09367605 |
|
BlackRock Enhanced Global Dividend Trust |
BOE |
092501105 |
14,942,512 |
1,538,145 |
0.10301450 |
|
*Equal to
Payments for Shares tendered and accepted are expected to be made within approximately five business days after the expiration date.
Questions regarding the Tender Offers may be directed to Georgeson LLC, the Information Agent for the Tender Offers, toll free at the numbers disclosed in each Fund’s Offer to Purchase.
Important Notice
This press release is for informational purposes only and shall not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell any common shares of the Funds. The offer to purchase a Fund’s common shares was made only pursuant to an offer to purchase, a related letter of transmittal and other documents filed with the
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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.
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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.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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Source: BlackRock Closed-End Funds
FAQ
What was the tender offer price for BlackRock Science and Technology Term Trust (BSTZ)?
How many shares of BSTZ were tendered in the offer?
What is the pro-ration factor for BSTZ in the tender offer?
When will payments be made for accepted shares in the BlackRock tender offers?
