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

Stocks in this article: BFOBKKBPK

BlackRock Advisors, LLC today announced the redemption of a portion of the issued and outstanding auction rate preferred shares (“ARPS”) by BlackRock Municipal 2018 Term Trust (NYSE:BPK), 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 $17.45 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 $9.47 billion across BlackRock taxable and tax-exempt closed-end funds (approximately 96.4% 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.

BPK:

               
 

Series

     

CUSIP

     

Redemption Date

     

Total Shares

     

Aggregate Principal

 

 

 

to be

Amount to be

                         

Redeemed

     

Redeemed

  R-7       09248C304       February 1, 2013       40       $1,000,000
  W-7       09248C205       January 31, 2013       40       $1,000,000
 

BFO:

                               
 

Series

     

CUSIP

     

Redemption Date

     

Total Shares

     

Aggregate Principal

 

 

 

to be

Amount to be

                         

Redeemed

     

Redeemed

  F-7       09250M208       January 28, 2013       540       $13,500,000
 

BKK:

                               
 

Series

     

CUSIP

     

Redemption Date

     

Total Shares

     

Aggregate Principal

 

 

 

to be

Amount to be

                         

Redeemed

     

Redeemed

  F-7       09249X406       January 28, 2013       26       $650,000
  M-7       09249X208       January 29, 2013       26       $650,000
  W-7       09249X307       January 31, 2013       26      

$650,000

 

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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