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BlackRock Advisors announced the reorganizations of the BlackRock MuniYield California Funds (MYC and MCA) into the BlackRock MuniHoldings California Quality Fund (MUC), effective April 11, 2022. This involves common shareholders of MYC and MCA receiving MUC shares equivalent to the net asset value of their former shares. Preferred shareholders of MYC and MCA will receive MUC preferred shares on a one-for-one basis. The net asset values per share as of April 8, 2022, were $13.9507 for MYC and $13.9061 for MCA. Cash will be distributed for fractional shares not issued in the reorganizations.
BlackRock Advisors, LLC has declared special distributions for BlackRock MuniYield California Fund (MYC) and BlackRock MuniYield California Quality Fund (MCA) while announcing an early distribution for BlackRock MuniHoldings California Quality Fund (MUC) as part of their reorganization into the Combined Fund (MUC). The special distribution reflects undistributed net investment income as of the reorganization date, with a payment scheduled for May 2, 2022. The ex-dividend date is set for April 6, 2022, and the record date for shareholders is April 7, 2022.
BlackRock has announced the reorganization of three municipal funds: MCA, MUC, and MYC, with MUC continuing as the surviving entity. Shareholders at a joint special meeting approved the reorganizations, expected to finalize in Q2 2022, pending customary conditions. Holders of Variable Rate Demand Preferred Shares of MCA and MYC will receive newly issued Variable Rate Muni Term Preferred Shares in MUC. The reorganization aims to improve financial well-being for investors.
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.
BlackRock has announced the approval of reorganizations for the BlackRock MuniYield California Fund, Inc. (MYC) and BlackRock MuniYield California Quality Fund, Inc. (MCA) into the BlackRock MuniHoldings California Quality Fund, Inc. (MUC), which will remain as the surviving entity. The Reorganizations are expected to finalize in the first half of 2022 and require shareholder approvals, refinancing of preferred shares, and satisfaction of customary conditions. Shareholders are encouraged to review future Proxy Statements for detailed information.
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