BlackRock Announces Closing Of Closed-End Fund Reorganizations
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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV