BlackRock Municipal 2018 Term Trust; BlackRock New York Municipal 2018 Term Trust; BlackRock California Municipal 2018 Term T...
November 15 2018 - 5:30PM
Business Wire
BlackRock Advisors, LLC announced today that the Board of each
of BlackRock Municipal 2018 Term Trust (NYSE:BPK), BlackRock New
York Municipal 2018 Term Trust (NYSE:BLH), and BlackRock California
Municipal 2018 Term Trust (NYSE:BJZ) (each, a “Fund” and
collectively, the “Funds”) approved the adoption of a Plan of
Termination, consistent with each Fund's investment objective of
returning $15 per common share to holders of common shares on or
about December 31, 2018. Under each Fund's Plan of Termination,
which is effective as of November 15, 2018, the Fund will begin the
process of liquidating portfolio assets and unwinding its affairs.
Each Fund expects to make a final liquidating distribution on or
around December 31, 2018.
Upon the effectiveness of each Fund’s Plan of Termination, the
Automatic Dividend Reinvestment Plan (the “DRIP”) of each Fund has
been suspended with respect to any dividends or distributions for
which the record date is on or after November 16. All such
dividends or distributions will be paid in cash.
BPK, BLH and BJZ's net asset value ("NAV") per share as of the
close of business on November 14, 2018 was $15.12, $15.00 and
$15.00 respectively. There is no assurance that each Fund will
achieve its investment objective of returning $15 per common share.
Each Fund's daily NAV can be found in the "Closed End Funds"
section of www.blackrock.com. Each Fund’s common shares will
continue to trade the “regular way” on the New York Stock Exchange
through December 14, 2018 and will be suspended from trading before
the opening on December 17, 2018.
About BlackRockBlackRock helps investors build
better financial futures. As a fiduciary to our clients, we
provide the investment and technology solutions they need when
planning for their most important goals. As of September 30, 2018,
the firm managed approximately $6.44 trillion in assets on behalf
of investors worldwide. 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 UpdatesBlackRock 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 StatementsThis 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, 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
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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