This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Certain BlackRock Closed-End Funds Announce Anticipated Redemptions Of ARPS

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.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,912.11 -70.48 -0.42%
S&P 500 1,969.95 -8.96 -0.45%
NASDAQ 4,442.6980 -2.2110 -0.05%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs