BlackRock Advisors, LLC today announced special distributions
for BlackRock High Yield Trust (NYSE:BHY), BlackRock Corporate High
Yield Fund, Inc. (NYSE:COY), BlackRock Corporate High Yield Fund
III, Inc. (NYSE:CYE), BlackRock High Income Shares (NYSE:HIS),
BlackRock Corporate High Yield Fund V, Inc. (NYSE:HYV) and
BlackRock Corporate High Yield Fund VI, Inc. (NYSE:HYT)
(collectively, the “Funds”) in connection with the reorganization
of BHY, COY, CYE, HIS and HYV into HYT, with HYT continuing as the
surviving Fund (each, a “Reorganization”).
With respect to each of BHY, COY, CYE, HIS and HYV, the
distribution announced today represents the respective Fund’s final
distribution, inclusive of undistributed net investment income
earned through the effective date of the Reorganizations. In order
to maintain their status as regulated investment companies and to
avoid the imposition of a corporate level income tax, BHY, COY,
CYE, HIS and HYV are required to distribute all of their respective
net investment income prior to the consummation of the
Reorganizations. Investors in BHY, COY, CYE, HIS and HYV should
consider this distribution to be in lieu of the distribution
ordinarily declared on November 1, 2013, and such Funds will pay no
further distributions to their shareholders prior to or following
the Reorganizations.
With respect to HYT, shareholders should consider the
distribution announced today to be inclusive of the distribution
ordinarily declared on November 1, 2013 and any undistributed net
investment income earned through the effective date of the
Reorganizations. No other distribution for HYT will be paid during
the month of November 2013. The next distribution declaration date
for the combined fund (HYT) following the Reorganizations is
expected to be December 2, 2013.
It is currently expected that the Reorganizations will be
completed with the open for business of the New York Stock Exchange
on November 18, 2013, subject to all regulatory requirements and
customary closing conditions being satisfied. The Reorganizations,
if completed, would occur based on the relative net asset values of
(i) BHY and HYT, (ii) COY and HYT, (iii) CYE and HYT, (iv) HIS and
HYT and (v) HYV and HYT, respectively.
Distribution details are as follows:
Declaration – 10/18/2013 Ex-Date -
10/25/2013 Record - 10/29/2013 Payable - 11/1/2013
Fund Name Ticker Special Distribution BlackRock High Yield Trust
BHY $0.080000 BlackRock Corporate High Yield Fund, Inc. COY
$0.210000 BlackRock Corporate High Yield Fund III, Inc. CYE
$0.135000 BlackRock High Income Shares HIS $0.040000 BlackRock
Corporate High Yield Fund V, Inc. HYV $0.185000 BlackRock Corporate
High Yield Fund VI, Inc HYT $0.160000
This communication is not intended to, and shall not, constitute
an offer to purchase or sell shares of any of the BlackRock funds,
including HYT, the surviving fund in the Reorganizations. Investors
should consider the investment objectives, risks, charges and
expenses of their fund(s) carefully and consider in its entirety
the Joint Proxy Statement/Prospectus relating to the
Reorganizations which contains important information regarding the
investment objectives and policies, risks, charges, expenses and
other important information about HYT.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At September 30, 2013, BlackRock’s assets under
management were $4.096 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 September 30, 2013, the firm
had approximately 11,200 employees in 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 BlackRock’s website at
www.blackrock.com.
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
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.
BlackRock Closed-End Funds1-800-882-0052
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