BlackRock Announces Closing of Reorganization of Two Municipal Closed-End Funds
BlackRock Advisors announced the reorganization of BlackRock MuniHoldings Investment Quality Fund (NYSE: MFL) with BlackRock Municipal Income Fund (NYSE: MUI), effective April 11, 2022. MFL common shareholders received MUI shares equal to their holdings' net asset value as of April 8, 2022. Cash was distributed for fractional MUI shares. MFL preferred shareholders received MUI preferred shares based on their liquidation preference. This consolidation aims to streamline operations and enhance shareholder value.
- Reorganization aims to enhance shareholder value.
- MFL shareholders received shares based on net asset value.
- None.
In the Reorganization, common shareholders of MFL received an amount of MUI common shares equal to the aggregate net asset value of their holdings of MFL common shares as determined at the close of business on
Relevant details pertaining to the Reorganization are as follows:
Fund |
Ticker |
Net Asset
|
Share
|
|
MUI |
13.9783 |
- |
|
MFL |
13.1220 |
0.93874076 |
In addition, MFL preferred shareholders received on a one-for-one basis MUI preferred shares in an amount equal to the aggregate preferred share liquidation preference held by MFL preferred shareholders immediately prior to the Reorganization.
This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the BlackRock funds, including MUI, the surviving fund in the Reorganization. Investors should consider MUI’s investment objective, risks, charges and expenses carefully and consider in its entirety the Joint Proxy Statement/Prospectus relating to the Reorganization, which contains important information regarding the investment objectives and policies, risks, charges, expenses and other important information about MUI.
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
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BlackRock Closed-End Funds
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Source: BlackRock Closed-End Funds
FAQ
What is the effective date of the BlackRock MFL and MUI reorganization?
What shares did MFL common shareholders receive after the reorganization?
What happens to fractional shares during the MFL and MUI reorganization?
How are MFL preferred shareholders affected by the reorganization?
