BlackRock Advisors, LLC (“BlackRock”) announced today the
expiration and preliminary results of BlackRock Municipal Income
Fund, Inc. (NYSE: MUI, the “Fund”) tender offer (a “Tender Offer”)
for up to 50% of its outstanding common shares (the “Shares”).
The Tender Offer commenced on October 15, 2024 and expired at
5:00 p.m. Eastern time on November 15, 2024.
Based on preliminary information, the number of Shares properly
tendered for the Fund and not withdrawn is noted in the table
below.
Fund Name
Ticker
CUSIP
Shares Offered for
Repurchase
Shares Tendered (Preliminary
Results)
BlackRock Municipal Income Fund,
Inc.
MUI
09253X102
35,996,072
44,715,010
Based on the preliminary results shown above, because the Tender
Offer was oversubscribed for the Fund, the relative number of
Shares that will be purchased from each shareholder is expected to
be prorated based on the number of Shares properly tendered for the
Fund. The purchase price of properly tendered and accepted Shares
will be 98% of the Fund's net asset value (“NAV”) as of the close
of regular trading on the New York Stock Exchange (“NYSE”) on
November 18, 2024, the business day immediately following the
expiration date of the Tender Offer. The above-indicated results
are based on preliminary information, are subject to adjustment and
should not be regarded as final. The Fund expects to announce the
final results of its Tender Offer, including the pro-ration factor,
if applicable, on or about November 18, 2024.
Questions regarding the Tender Offer may be directed to
Georgeson LLC, the Information Agent for the Tender Offer, toll
free at the numbers disclosed in the Fund’s Offer to Purchase.
Conversion to an Unlisted Interval Fund
As previously announced, the Fund will be converting from an
exchange-listed, closed-end fund to an unlisted,
continuously-offered closed-end fund that conducts periodic
repurchases of its shares, also known as an interval fund (the
“Conversion”). The Fund’s Shares will continue to trade on the NYSE
until the effective date of the Fund’s delisting from the NYSE,
which will be announced at a later date. It is currently expected
that the Conversion will occur in the first quarter of 2025, on
such date as will be announced by the Fund. Shareholders who
continue to hold Shares following the completion of the Tender
Offer, but who do not wish to hold Shares of an unlisted interval
fund, may sell their Shares in the normal course on the NYSE prior
to the effective date of the Fund’s delisting from the NYSE.
Please note that, following the Conversion, the Fund’s Shares
will no longer trade on a stock exchange and shareholders will
therefore have limited options to sell their shares outside of the
Fund’s quarterly offers to repurchase between 5% and 25% of the
Fund’s Shares.
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 Fund. The
offer to purchase the 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 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
Fund 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
Fund. This reference to BlackRock’s website is intended to allow
investors public access to information regarding the Fund 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
Fund may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to the 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 Fund, 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 Fund’s net
asset value; (2) the relative and absolute investment performance
of the 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 the 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 Fund with the 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 Fund. The information contained on BlackRock’s
website is not a part of this press release.
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