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Fifteen BlackRock Closed-End Funds Announce Pricing And Placement Of $1.76 Billion Private Offering Of Variable Rate Muni Term Preferred Shares

BlackRock Advisors, LLC today announced that fifteen BlackRock tax-exempt closed-end funds (the “Funds”) each successfully priced and placed Variable Rate Muni Term Preferred Shares (“VMTP”) pursuant to an offering exempt from registration under the Securities Act of 1933.

Totaling approximately $1.76 billion in aggregate, the proceeds from the VMTP issuances will be used to redeem all of each Fund’s outstanding auction rate preferred shares (“ARPS”). ARPS redemptions for the Funds are expected to be announced on December 19, 2011 and December 30, 2011, as applicable. The ARPS redemptions associated with each Fund’s issuance of VMTP, together with previously announced redemptions of ARPS by BlackRock closed-end funds, total approximately $8.71 billion across BlackRock taxable and tax-exempt closed-end funds (approximately 89% of the total ARPS outstanding as of February 2008).

The following table shows VMTP issuance by Fund:

Fund       Ticker       Amount
BlackRock Municipal Income Investment Quality Trust       BAF       $ 42,200,000
BlackRock Municipal Bond Trust       BBK       $ 79,900,000
BlackRock Municipal Income Trust       BFK       $ 270,800,000
The BlackRock Investment Quality Municipal Trust, Inc.       BKN       $ 125,900,000
BlackRock Municipal Income Trust II       BLE       $ 151,300,000
The BlackRock Strategic Municipal Trust       BSD       $ 42,900,000
BlackRock Municipal Income Quality Trust       BYM       $ 137,200,000
BlackRock MuniYield Investment Quality Fund       MFT       $ 56,500,000
BlackRock MuniHoldings Fund, Inc.       MHD       $ 83,700,000
BlackRock MuniYield Quality Fund II, Inc.       MQT       $ 116,500,000
BlackRock MuniHoldings Quality Fund II, Inc.       MUE       $ 131,000,000
BlackRock MuniHoldings Fund II, Inc.       MUH       $ 55,000,000
BlackRock MuniHoldings Quality Fund, Inc.       MUS       $ 87,000,000
BlackRock MuniVest Fund II, Inc.       MVT       $ 140,000,000
BlackRock MuniVest Fund, Inc.       MVF       $ 243,800,000

In connection with this issuance, BlackRock will post regular portfolio information for the Funds on its public website at www.blackrock.com. This information includes fund holdings (which will be available monthly after a 15-day lag) and asset coverage and leverage ratios (which will be available weekly). BlackRock will continue to keep market participants and shareholders informed of its closed-end funds’ progress to redeem ARPS via press releases and on the firm’s website.

This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At September 30, 2011, BlackRock’s AUM was $3.345 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, 2011, the firm had approximately 10,200 employees in 27 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 the firm’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.

Stock quotes in this article: BAF, BBK, BFK, BKN, BLE, BSD, BYM, MFT, MHD, MQT, MUE, MUH, MUS, MVF, MVT 

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