Certain BlackRock Funds Announce Final Results of Tender Offers
BlackRock closed-end funds MVF, ECAT, and BIGZ have announced the final results of their tender offers for up to 2.5% of outstanding common shares. All offers were oversubscribed, leading to pro-rata purchases. Key details:
- MVF: 26,471,815 shares tendered, 1,586,158 to be purchased at $7.9086 per share
- ECAT: 17,487,970 shares tendered, 2,547,328 to be purchased at $18.0516 per share
- BIGZ: 42,424,300 shares tendered, 5,610,470 to be purchased at $8.1242 per share
Purchase prices are set at 98% of each fund's NAV as of August 22, 2024. Payments are expected within five business days after the expiration date.
I fondi chiusi di BlackRock MVF, ECAT e BIGZ hanno annunciato i risultati finali delle loro offerte di acquisto per un massimo del 2,5% delle azioni ordinarie in circolazione. Tutte le offerte sono state sovraordinate, portando ad acquisti pro-rata. Dettagli chiave:
- MVF: 26.471.815 azioni offerte, 1.586.158 saranno acquistate a $7.9086 per azione
- ECAT: 17.487.970 azioni offerte, 2.547.328 saranno acquistate a $18.0516 per azione
- BIGZ: 42.424.300 azioni offerte, 5.610.470 saranno acquistate a $8.1242 per azione
I prezzi di acquisto sono fissati al 98% del NAV di ciascun fondo al 22 agosto 2024. I pagamenti sono previsti entro cinque giorni lavorativi dopo la data di scadenza.
Los fondos cerrados de BlackRock MVF, ECAT y BIGZ han anunciado los resultados finales de sus ofertas de compra por hasta el 2.5% de las acciones ordinarias en circulación. Todas las ofertas fueron sobresuscritas, lo que llevó a compras prorrateadas. Detalles clave:
- MVF: 26,471,815 acciones ofrecidas, 1,586,158 se comprarán a $7.9086 por acción
- ECAT: 17,487,970 acciones ofrecidas, 2,547,328 se comprarán a $18.0516 por acción
- BIGZ: 42,424,300 acciones ofrecidas, 5,610,470 se comprarán a $8.1242 por acción
Los precios de compra están fijados en el 98% del NAV de cada fondo a partir del 22 de agosto de 2024. Se espera que los pagos se realicen dentro de los cinco días hábiles posteriores a la fecha de caducidad.
블랙록의 폐쇄형 펀드 MVF, ECAT 및 BIGZ가 유통되고 있는 보통주 최대 2.5%에 대한 청구 결과를 발표했습니다. 모든 제안이 초과 청약되어 비례 구매로 이어졌습니다. 주요 내용:
- MVF: 26,471,815주 청구, 1,586,158주를 $7.9086에 구매
- ECAT: 17,487,970주 청구, 2,547,328주를 $18.0516에 구매
- BIGZ: 42,424,300주 청구, 5,610,470주를 $8.1242에 구매
구매 가격은 2024년 8월 22일 현재 각 펀드의 NAV의 98%로 설정됩니다. 지급은 만료일로부터 5영업일 이내에 이루어질 것으로 예상됩니다.
Les fonds fermés de BlackRock MVF, ECAT et BIGZ ont annoncé les résultats finaux de leurs offres d'achat pour jusqu'à 2,5% des actions ordinaires en circulation. Toutes les offres étaient surdemandées, conduisant à des achats au prorata. Détails clés :
- MVF : 26 471 815 actions offertes, 1 586 158 seront achetées à 7,9086 $ par action
- ECAT : 17 487 970 actions offertes, 2 547 328 seront achetées à 18,0516 $ par action
- BIGZ : 42 424 300 actions offertes, 5 610 470 seront achetées à 8,1242 $ par action
Les prix d'achat sont fixés à 98% de la NAV de chaque fonds au 22 août 2024. Les paiements sont attendus dans les cinq jours ouvrables suivant la date d'expiration.
Die geschlossenen Fonds von BlackRock MVF, ECAT und BIGZ haben die Endergebnisse ihrer Ausschreibungen für bis zu 2,5% der ausgegebenen Stammaktien bekannt gegeben. Alle Angebote waren überzeichnet, was zu einer pro-rata Kaufentscheidung führte. Wichtige Details:
- MVF: 26.471.815 Aktien angeboten, 1.586.158 werden zu $7.9086 pro Aktie gekauft
- ECAT: 17.487.970 Aktien angeboten, 2.547.328 werden zu $18.0516 pro Aktie gekauft
- BIGZ: 42.424.300 Aktien angeboten, 5.610.470 werden zu $8.1242 pro Aktie gekauft
Die Kaufpreise sind auf 98% des NAV jedes Fonds zum 22. August 2024 festgelegt. Die Zahlungen werden voraussichtlich innerhalb von fünf Geschäftstagen nach dem Ablaufdatum erfolgen.
- High investor interest demonstrated by oversubscription of tender offers
- Successful completion of tender offers for 2.5% of outstanding shares
- Pro-rata purchase due to oversubscription may result in some investors selling fewer shares than intended
The Tender Offers, which expired at 5:00 p.m. Eastern time on August 21, 2024, were oversubscribed for each Fund.
Therefore, in accordance with the terms and conditions of the Tender Offers, each Fund will purchase Shares from all tendering shareholders on a pro rata basis, after disregarding fractions, based on the number of Shares properly tendered (“Pro-Ration Factor”). The final results of the Tender Offers are provided in the table below.
Fund Name |
Ticker |
CUSIP |
Number of
|
Number of
|
Pro-Ration
|
Purchase
|
BlackRock MuniVest
|
MVF |
09253R105 |
26,471,815 |
1,586,158 |
0.05994058 |
|
BlackRock ESG
|
ECAT |
09262F100 |
17,487,970 |
2,547,328 |
0.14573731 |
|
BlackRock
|
BIGZ |
09260Q108 |
42,424,300 |
5,610,470 |
0.13231057 |
|
*Equal to
Payments for Shares tendered and accepted are expected to be made within approximately five business days after the expiration date.
Questions regarding the Tender Offers may be directed to Georgeson LLC, the Information Agent for the Tender Offers, toll free at the numbers disclosed in each Fund’s Offer to Purchase.
Important Notice
This press release is for informational purposes only and shall not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell any common shares of the Funds. The offer to purchase a Fund’s common shares was made only pursuant to an offer to purchase, a related letter of transmittal and other documents filed with the
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Annual and Semi-Annual Reports and other regulatory filings of the Funds with the Securities and Exchange Commission (“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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Source: BlackRock Closed-End Funds
FAQ
What was the tender offer price for BlackRock MuniVest Fund (MVF) shares?
How many shares were tendered in the BlackRock Innovation and Growth Term Trust (BIGZ) offer?
When are payments expected for the tendered shares in the BlackRock funds' offers?