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Certain BlackRock Closed-End Funds Announce Partial Redemption Of Auction Rate Preferred Shares

Stocks in this article: BFO BJZ BKK BLH BPK

BlackRock Advisors, LLC today announced the redemption of a portion of the issued and outstanding auction rate preferred shares (“ARPS”) by BlackRock California Municipal 2018 Term Trust (NYSE: BJZ), BlackRock Municipal 2018 Term Trust (NYSE:BPK), BlackRock New York Municipal 2018 Term Trust (NYSE:BLH), BlackRock Florida Municipal 2020 Term Trust (NYSE:BFO) and BlackRock Municipal 2020 Term Trust (NYSE:BKK) (collectively, the “Funds”).

The redemptions announced today, which total approximately $61.75 million in ARPS, will be conducted at a liquidation preference of $25,000 per share, together with accrued and unpaid dividends thereon to the redemption date, if applicable. When taken together with previously announced redemptions of ARPS by BlackRock closed-end funds, these redemptions total approximately $9.45 billion across BlackRock taxable and tax-exempt closed-end funds (approximately 96% of the total ARPS outstanding as of February 2008).

The Depository Trust Company (DTC), the holder of record for the ARPS, determines by random lottery how the redemption will be allocated among each participant broker-dealer account that holds ARPS and each participant broker-dealer determines how to allocate each redemption among its respective ARPS holders.

Please see redemption details for each Fund’s respective series of ARPS below.

BJZ:

                 
Series   CUSIP   Redemption Date  

Total Shares to be Redeemed

 

Aggregate Principal Amount to be Redeemed

M-7   09249C204   January 22, 2013   261   $6,525,000
       

BPK:

                 
Series   CUSIP   Redemption Date  

Total Shares to be Redeemed

 

Aggregate Principal Amount to be Redeemed

R-7   09248C304   January 25, 2013   714   $17,850,000
W-7   09248C205   January 24, 2013   714   $17,850,000
       

BLH:

                 
Series   CUSIP   Redemption Date  

Total Shares to be Redeemed

 

Aggregate Principal Amount to be Redeemed

T-7   09248K207   January 23, 2013   223   $5,575,000
       

BFO:

 
Series   CUSIP   Redemption Date  

Total Shares to be Redeemed

 

Aggregate Principal Amount to be Redeemed

F-7   09250M208   January 22, 2013   132   $3,300,000
       

BKK:

                 
Series   CUSIP   Redemption Date  

Total Shares to be Redeemed

 

Aggregate Principal Amount to be Redeemed

F-7   09249X406   January 22, 2013   142   $3,550,000
M-7   09249X208   January 22, 2013   142   $3,550,000
W-7   09249X307   January 24, 2013   142   $3,550,000
       

BlackRock will continue to keep market participants and shareholders informed of its closed-end funds’ progress to redeem ARPS via press releases and on BlackRock’s website at www.blackrock.com.

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At September 30, 2012, BlackRock’s AUM was $3.673 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, 2012, the firm has approximately 10,400 employees in 29 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 BlackRock’s website at www.blackrock.com.

Forward-Looking Statements

This press release, and other statements that BlackRock or the Funds may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Funds or 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.

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