NEW YORK--(BUSINESS WIRE)--
BlackRock Advisors, LLC announced today that, at a joint special meeting
of shareholders of The BlackRock Pennsylvania Strategic Municipal Trust
(NYSE MKT:BPS) and BlackRock MuniYield Pennsylvania Quality Fund
(NYSE:MPA) (collectively, the “Funds”), the requisite shareholders of
the Funds have approved the reorganization of BPS with and into MPA,
with MPA continuing as the surviving Fund (the “Reorganization”), and
the transactions contemplated thereby.
It is currently expected that the Reorganization will be effective with
the open for business of the New York Stock Exchange on April 13, 2015,
subject to all regulatory requirements and customary closing conditions
being satisfied. The Reorganization, if completed, would occur based on
the relative net asset values of the common shares of BPS and MPA. In
addition, BPS preferred shareholders will receive on a one-for-one basis
MPA preferred shares in an amount equal to the aggregate preferred share
liquidation preference (including any accumulated and unpaid dividends)
held by BPS 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 MPA, the surviving fund in the Reorganization.
About BlackRock
BlackRock is a leader in investment management, risk management and
advisory services for institutional and retail clients
worldwide. At December 31, 2014, BlackRock’s AUM was $4.652
trillion. BlackRock helps clients meet their goals and overcome
challenges with a range of products that include separate accounts,
mutual funds, iShares® (exchange-traded funds),
and other pooled investment vehicles. BlackRock also offers risk
management, advisory and enterprise investment system services to a
broad base of institutional investors through BlackRock Solutions®. Headquartered
in New York City, as of December 31, 2014, the firm had approximately
12,200 employees in more than 30 countries and a major presence in key
global markets, including North and South
America, Europe, Asia, Australia and the Middle East and Africa. For
additional information, please visit the Company’s website at www.blackrock.com |Twitter:@blackrock_news |Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock
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 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 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, including the Dodd-Frank Wall Street
Reform and Consumer Protection Act, and regulatory, supervisory or
enforcement actions of government agencies relating to a Fund or
BlackRock, as applicable; (8) terrorist activities, international
hostilities 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 a Fund
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.
BlackRock Advisors, LLC
1-800-882-0052
Source: BlackRock Advisors, LLC