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Certain BlackRock Funds Announce Final Results of Tender Offers

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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.

Positive
  • High investor interest demonstrated by oversubscription of tender offers
  • Successful completion of tender offers for 2.5% of outstanding shares
Negative
  • Pro-rata purchase due to oversubscription may result in some investors selling fewer shares than intended

NEW YORK--(BUSINESS WIRE)-- The BlackRock closed-end funds (the “Funds”) listed below announced today the final results of each Fund’s tender offer (each, a “Tender Offer”) for up to 2.5% of its outstanding common shares (the “Shares”).

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
Shares
Tendered

Number of
Tendered
Shares
to be
Purchased

Pro-Ration
Factor

Purchase
Price*

 

BlackRock MuniVest
Fund, Inc.

 

MVF

09253R105

26,471,815

1,586,158

0.05994058

$7.9086

BlackRock ESG
Capital Allocation
Term Trust

ECAT

09262F100

17,487,970

2,547,328

0.14573731

$18.0516

BlackRock
Innovation and
Growth Term Trust

BIGZ

09260Q108

42,424,300

5,610,470

0.13231057

$8.1242

*Equal to 98% of the Fund’s net asset value per Share as of the close of regular trading on the New York Stock Exchange on August 22, 2024 (the business day immediately following the expiration date of the Tender Offer).

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 U.S. Securities and Exchange Commission (“SEC”) as exhibits to a tender offer statement on Schedule TO. Shareholders may obtain a free copy of the offer to purchase and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the applicable Fund.

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/corporate.

Availability of Fund Updates

BlackRock will update performance and certain other data for the 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 a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Fund’s 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 a Fund’s net asset value; (2) the relative and absolute investment performance of a Fund 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, and regulatory, supervisory or enforcement actions of government agencies relating to a Fund 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 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.

1-800-882-0052

Source: BlackRock Closed-End Funds

FAQ

What was the tender offer price for BlackRock MuniVest Fund (MVF) shares?

The tender offer price for BlackRock MuniVest Fund (MVF) shares was $7.9086, which is 98% of the fund's net asset value per share as of August 22, 2024.

How many shares were tendered in the BlackRock Innovation and Growth Term Trust (BIGZ) offer?

In the BlackRock Innovation and Growth Term Trust (BIGZ) tender offer, 42,424,300 shares were tendered.

When are payments expected for the tendered shares in the BlackRock funds' offers?

Payments for shares tendered and accepted in the BlackRock funds' offers are expected to be made within approximately five business days after the expiration date of August 21, 2024.

What was the pro-ration factor for the BlackRock ESG Capital Allocation Term Trust (ECAT) tender offer?

The pro-ration factor for the BlackRock ESG Capital Allocation Term Trust (ECAT) tender offer was 0.14573731.

BlackRock MuniVest Fund, Inc

NYSE:MVF

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