BlackRock Advisors, LLC today announced that the reorganization
of each of BlackRock Credit Allocation Income Trust I, Inc. (NYSE:
PSW), BlackRock Credit Allocation Income Trust II, Inc. (NYSE: PSY)
and BlackRock Credit Allocation Income Trust III (NYSE: BPP) with
and into BlackRock Credit Allocation Income Trust IV (NYSE: BTZ) is
effective as of the opening for business of the New York Stock
Exchange on December 10, 2012.
In the Reorganizations, each of PSW, PSY and BPP was reorganized
with and into BTZ. Common shareholders of PSW, PSY and BPP,
respectively, received an amount of BTZ common shares equal to the
aggregate net asset value of their holdings of PSW, PSY and/or BPP
common shares, as applicable, as determined at the close of
business on December 7, 2012. Fractional BTZ shares were not issued
in the Reorganizations and consequently cash will be distributed
for any such fractional amounts.
Relevant details pertaining to the Reorganizations are as
follows:
Fund NAV/Share ($) Conversion Ratio BlackRock Credit
Allocation Income Trust IV (BTZ) $15.3340 N/A
BlackRock Credit Allocation Income Trust I, Inc. (PSW)
$11.4202 0.74476327 BlackRock Credit Allocation Income Trust
II, Inc. (PSY) $12.2921 0.80162384 BlackRock Credit
Allocation Income Trust III (BPP) $13.1753 0.85922134
This communication is not intended to, and shall not, constitute
an offer to purchase or sell shares of any of the BlackRock funds,
including BTZ, 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 BTZ.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At September 30, 2012, BlackRock’s AUM was $3.673
trillion. BlackRock offers products that span the risk spectrum to
meet clients’ needs, including active, enhanced and index
strategies across markets and asset classes. Products are offered
in a variety of structures including 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, 2012, the firm
has approximately 10,400 employees in 29 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 may
make, may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act, with respect to
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 each of 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 each
Fund or in each Fund’s net asset value; (2) the relative and
absolute investment performance of each 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 each 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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