BlackRock Advisors: BlackRock California Municipal 2018 Term Trust and BlackRock Municipal 2020 Term Trust Report Partial Redemption of Auction Rate Preferred Shares
BlackRock Advisors announced that BlackRock California Municipal 2018 Term Trust and BlackRock Municipal 2020 Term Trust each provided a notice of the redemption of a portion of its issued and outstanding auction rate preferred shares.
In a release on Feb. 7, the Company said that the redemptions announced, which total $28.5 million in ARPS, will be conducted at a liquidation preference of $25,000 per share, together with any accrued and unpaid dividends thereon to the redemption date. When taken together with previously announced redemptions of ARPS by BlackRock closed-end funds, these redemptions total approximately $9.68 billion across BlackRock taxable and tax-exempt closed-end funds (approximately 98.5 percent of the total ARPS outstanding as of February 2008).
The Depository Trust Company, the holder of record for the ARPS, will determine by random lottery how the partial redemption will be allocated among each participant broker-dealer account that holds ARPS, and each participant broker-dealer will determine how to allocate each partial redemption among its respective ARPS holders.
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