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Certain BlackRock Closed-End Funds Announce Anticipated Redemptions Of ARPS

Stocks in this article: BHV BLJ BPS BZM MHE

BlackRock Advisors, LLC announced today that the BlackRock tax-exempt closed-end funds listed below (the “Funds”) anticipate the redemption of all of their outstanding auction rate preferred shares (“ARPS”) at their respective liquidation preferences together with accrued and unpaid dividends, if any, to the redemption date. These redemptions, which will total approximately $81.3 million (excluding accrued and unpaid dividends, if any), are expected to be funded with cash and proceeds received from the anticipated placement of privately issued preferred shares. The Funds anticipate that the redemption of ARPS will occur shortly after the closing of the preferred shares by the Funds, which is currently expected to be May or June 2012.

Applicable Funds and ARPS Outstanding are as follows:

Fund       Ticker       ARPS Outstanding
BlackRock Virginia Municipal Bond Trust       BHV       $11,675,000
BlackRock New Jersey Municipal Bond Trust       BLJ       $18,775,000
The BlackRock Pennsylvania Strategic Municipal Trust       BPS       $16,325,000
BlackRock Maryland Municipal Bond Trust       BZM       $16,000,000
Massachusetts Health & Education Tax-Exempt Trust       MHE       $18,500,000

The timing of each Fund’s placement of preferred shares and the related redemption of ARPS may vary and is subject to a number of factors, including, but not limited to, the negotiation of definitive agreements, changes in market conditions (including interest rates), eligibility of collateral held by the Funds, the ability to obtain necessary ratings for the preferred shares, and the cost, benefits and tax consequences to Fund shareholders of the preferred shares issued by the Funds, any of which for a given Fund may delay or prevent the transactions contemplated herein. Accordingly, each Fund’s Board of Trustees will determine, based on the facts and circumstances applicable to each Fund at any particular time, when each Fund’s preferred share offering and redemption of each Fund’s ARPS will occur. There can be no assurance that all or any portion of any Fund’s ARPS will be redeemed.

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