BlackRock Announces Results of Joint Special Shareholder Meeting Relating to the Reorganizations of Three Municipal Closed-End Funds

Rhea-AI Summary

BlackRock Advisors announced that shareholders of BlackRock MuniYield California Fund (MYC) have approved its reorganization into BlackRock MuniHoldings California Quality Fund (MUC), which will continue as the surviving fund. However, BlackRock MuniYield California Quality Fund (MCA) and MUC did not secure the required votes from common shareholders for their respective proposals. Consequently, their joint special meeting has been adjourned to March 4, 2022, to solicit further proxies. Completion of the MYC Reorganization depends on MUC obtaining the necessary shareholder votes.

Positive

• MYC shareholders approved the reorganization with MUC.
• MUC will continue as the surviving fund post-reorganization.

Negative

• MCA and MUC did not receive sufficient shareholder votes for proposals.
• The adjournment of the meeting may create uncertainty among investors.

NEW YORK--(BUSINESS WIRE)-- BlackRock Advisors, LLC announced today that, at a joint special meeting of shareholders (the “Meeting”) of BlackRock MuniYield California Fund, Inc. (NYSE: MYC), BlackRock MuniYield California Quality Fund, Inc. (NYSE: MCA) and BlackRock MuniHoldings California Quality Fund, Inc. (NYSE: MUC and collectively with MYC and MCA, the “Funds,” and each, a “Fund”), the requisite vote of shareholders of MYC have approved the reorganization of MYC with and into MUC, with MUC continuing as the surviving Fund, and the transactions contemplated thereby (the “MYC Reorganization”). MCA and MUC did not obtain the requisite votes of common shareholders to approve the applicable proposals. Accordingly, the Meeting with respect to the proposals to be voted on by common shareholders of MCA and MUC has been adjourned to March 4, 2022 at 11:00 a.m. (Eastern time) in order to continue to solicit proxies from common shareholders of MCA and MUC. The MYC Reorganization will not be completed unless MUC obtains the requisite vote of common shareholders to approve the applicable proposal.

This press release is not intended to, and does not, constitute an offer to purchase or sell shares of the Funds.

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.

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BlackRock

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Source: BlackRock Closed-End Funds

FAQ

What happened at the BlackRock shareholder meeting for MYC, MCA, and MUC?

At the shareholder meeting, MYC's reorganization into MUC was approved, but MCA and MUC did not secure the necessary votes, leading to an adjournment.

When is the adjourned meeting for MCA and MUC shareholders scheduled?

The adjourned meeting for MCA and MUC shareholders is scheduled for March 4, 2022, at 11:00 a.m. Eastern time.

What is the significance of the MYC reorganization into MUC?

The MYC reorganization into MUC is significant as it aims to consolidate assets and streamline operations, with MUC continuing as the surviving entity.

What are the implications of insufficient votes for MCA and MUC?

Insufficient votes for MCA and MUC can create uncertainty regarding the funds' future and may affect investor confidence.

What are the future steps for the MYC Reorganization?

The MYC Reorganization will proceed only if MUC obtains the required approvals from its common shareholders.