BlackRock Advisors, LLC today announced the declaration of a
special distribution for BlackRock MuniYield California Fund, Inc.
(NYSE: MYC) and BlackRock MuniYield California Quality Fund, Inc.
(NYSE: MCA) and an early distribution for BlackRock MuniHoldings
California Quality Fund, Inc. (NYSE: MUC and collectively with MYC
and MCA, the “Funds,” and each, a “Fund”) in connection with the
reorganizations of MYC and MCA into MUC, with MUC continuing (the
“Combined Fund”) as the surviving Fund (the “Reorganizations”).
With respect to MYC and MCA, the special distribution declared
today represents undistributed net investment income earned through
the effective date of the Reorganizations. In order to maintain
status as a regulated investment company and to avoid the
imposition of a corporate level income tax, each of MYC and MCA are
required to declare a distribution of all net investment income
prior to the consummation of the Reorganizations as described
below. Other than the special distribution announced today, MYC and
MCA will declare no further distributions prior to or following the
Reorganizations. As this special distribution includes all net
investment income earned by each Fund in earlier periods and not
previously distributed, it is not indicative of the amount of the
Combined Fund’s future monthly distributions.
MYC and MCA are declaring a special distribution that will be
payable on May 2, 2022. The ex-dividend date for the distribution
is April 6, 2022 and the record date is April 7, 2022. Accordingly,
persons who are holders of record of MYC or MCA common shares on
April 7, 2022 should expect to receive the distribution. The
distribution payable to shareholders of MYC or MCA will be paid in
cash. Common shares of MYC or MCA acquired after April 5, 2022
will not be entitled to the distribution.
MUC is declaring early its monthly distribution that will
be payable on May 2, 2022. The ex-dividend date for the
distribution is April 6, 2022, and the record date is April 7,
2022. Accordingly, persons who are holders of record of MUC common
shares on April 7, 2022 should expect to receive the distribution.
Common shares of MUC acquired after April 5, 2022 will not be
entitled to the distribution.
Common shares of MYC or MCA acquired after April 5,
2022 will not be entitled to their respective special distributions
and will not be eligible to receive a distribution until an initial
distribution is declared on the Combined Fund after the closing of
the Reorganizations. We expect that on May 2, 2022 the Combined
Fund will declare its first monthly distribution payable on June 1,
2022.
It is currently expected that the Reorganizations will be
completed by the open of business on the New York Stock Exchange on
April 11, 2022, subject to the satisfaction of customary closing
conditions. To facilitate the Merger, all shares of MYC and
MCA will cease trading on the NYSE as of market close on
Friday, April 8, 2022. Each Reorganization, if completed, would
occur based on the relative net asset values of the common shares
of the applicable Funds. Prior to the Reorganization of MCA and MYC
with and into MUC, all of the Variable Rate Demand Preferred Shares
of MCA and MYC will be refinanced into Variable Rate Muni Term
Preferred Shares (“VMTP Shares”). Holders of the VMTP Shares of MCA
and MYC would receive on a one-for-one basis, newly issued VMTP
Shares of MUC in an amount equal to the aggregate VMTP Share
liquidation preference (including any accumulated and unpaid
dividends) held by holders of MCA and MYC VMTP Shares, as
applicable, immediately prior to the Reorganizations.
Distribution details are as follows:
Declaration- 3/18/2022 Ex-Date- 4/6/2022 Record- 4/7/2022
Payable- 5/2/2022
Fund
Ticker
Per-Share Distribution
BlackRock MuniYield California Fund,
Inc
MYC
$0.061300
BlackRock MuniYield California Quality
Fund, Inc.
MCA
$0.056000
BlackRock MuniHoldings California Quality
Fund, Inc
MUC
$0.055000
This communication is not intended to, and shall not, constitute
an offer to purchase or sell shares of any of the BlackRock funds,
including MUC, the surviving Fund in the Reorganizations.
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 | Twitter:
@blackrock | LinkedIn: www.linkedin.com/company/blackrock
Availability of Fund Updates
BlackRock will update performance and certain other data for the
BlackRock closed-end 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 the Funds’ net asset value; (2) the relative and absolute
investment performance of the Funds 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 the Funds 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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220318005374/en/
BlackRock Advisors, LLC, 1-800-882-0052
BlackRock MuniYield Cali... (NYSE:MYC)
Historical Stock Chart
From Jul 2024 to Aug 2024
BlackRock MuniYield Cali... (NYSE:MYC)
Historical Stock Chart
From Aug 2023 to Aug 2024