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BlackRock Corporate High Yield Fund (NYSE: HYT) has completed its transferable rights offer, which ran from September 20, 2022 to October 13, 2022. Rights holders could subscribe for up to 24,463,440 shares of common stock at a final subscription price of $8.23 per share. The offer is expected to yield gross proceeds of approximately $168 million and will lead to the issuance of over 20.3 million shares. BlackRock Advisors will cover all expenses related to the offer, and proceeds will be invested according to the Fund's objectives.
BlackRock Corporate High Yield Fund (NYSE: HYT) announced a rights offering, allowing shareholders as of September 20, 2022, to purchase additional shares at a discount. The Fund's Board approved this move to increase assets for investment opportunities, aiming to benefit shareholders through current income and potential capital appreciation. The Offer includes opportunities in the high yield market, enhanced liquidity, and reduced expense ratios, with the Advisor covering all Offer expenses. The subscription price will be determined on the expiration date of the Offer, expected October 13, 2022.
The Board of Directors of BlackRock Corporate High Yield Fund, Inc. (HYT) declared an early monthly distribution for October 2022 of $0.077900 per share. Shares purchased after October 3, 2022, will not receive this distribution. Key dates noted are: Declaration on 9/8/2022, Ex-Date on 10/4/2022, Record Date on 10/5/2022, and Payable Date on 10/31/2022. The Fund follows a managed distribution plan, aiming to distribute all available income while adhering to IRS regulations.
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