BlackRock Announces Closing of Reorganizations of Three Municipal Closed-End Funds

Rhea-AI Summary

BlackRock Advisors announced the effective reorganizations of BlackRock New York Municipal Income Quality Trust (BSE) and BlackRock New York Municipal Income Trust II (BFY) into BlackRock New York Municipal Income Trust (BNY) as of April 12, 2021. Shareholders of BSE and BFY received BNY shares equivalent to the net asset value of their holdings as of April 9, 2021. Preferred shareholders were exchanged on a one-for-one basis for BNY preferred shares. The fund updates will be available on BlackRock's website.

Positive

• Successful reorganization may streamline operations and enhance fund management efficiency.
• Shareholders received BNY shares, maintaining the value of their investments during restructuring.

Negative

• Potential uncertainty regarding the future performance of the newly combined fund.
• Concerns over the integration process that could impact shareholder sentiment.

BlackRock Advisors, LLC today announced that the reorganizations of each of BlackRock New York Municipal Income Quality Trust (“BSE”, CUSIP: 09249U105) and BlackRock New York Municipal Income Trust II (“BFY”, CUSIP: 09249R102), with and into BlackRock New York Municipal Income Trust (“BNY”, CUSIP: 09248L106 and together with BSE and BFY, the “Funds”) (the “Reorganizations”) is effective as of the opening for business of the New York Stock Exchange on Monday, April 12, 2021.

In the Reorganizations, common shareholders of BSE and BFY received an amount of BNY common shares equal to the aggregate net asset value of their holdings of BSE and BFY common shares as determined at the close of business on April 9, 2021. Fractional shares of BNY common shares were not issued in the Reorganizations and consequently cash will be distributed for any such fractional shares.

Relevant details pertaining to the Reorganizations are as follows:

Fund	Ticker	Net Asset Value/Share ($)	Share Conversion Ratio
BlackRock New York Municipal Income Trust	BNY	15.0212	N/A
BlackRock New York Municipal Income Quality Trust	BSE	14.9056	0.99230421
BlackRock New York Municipal Income Trust II	BFY	15.4738	1.03013075

In addition, BSE and BFY preferred shareholders received on a one-for-one basis BNY preferred shares in an amount equal to the aggregate preferred share liquidation preference held by BSE and BFY preferred shareholders immediately prior to the Reorganizations.

This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the BlackRock funds, including BNY, the surviving fund in the Reorganization. Investors should consider BNY’s investment objective, risks, charges and expenses carefully and consider in its entirety the Joint Proxy Statement/Prospectus relating to the Reorganizations, which contains important information regarding the investment objectives and policies, risks, charges, expenses and other important information about BNY.

About BlackRock

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 | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock

Availability of Fund Updates

BlackRock will update performance and certain other data for the BlackRock closed-end 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.

Forward-Looking Statements

This press release, and other statements that BlackRock or the Funds may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Funds’ 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 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 the Funds’ net asset value; (2) the relative and absolute investment performance of the Funds 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, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Funds or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210412005535/en/

FAQ

What are the details of the BNY, BSE, and BFY fund reorganizations?

The reorganizations involve BSE and BFY merging into BNY, effective April 12, 2021, with shareholders receiving BNY shares equal to their prior holdings' net asset value.

When did the reorganization of BNY, BSE, and BFY funds take effect?

The reorganization took effect at the opening of the New York Stock Exchange on April 12, 2021.

What was the net asset value per share for BNY, BSE, and BFY prior to the reorganization?

As of the close on April 9, 2021, the net asset values were $15.0212 for BNY, $14.9056 for BSE, and $15.4738 for BFY.

How were preferred shareholders affected in the BNY, BSE, and BFY merger?

Preferred shareholders of BSE and BFY received preferred shares of BNY on a one-for-one basis, equivalent to their preferred share liquidation preference.