With consideration of these unique factors in the context of each Term Trust’s portfolio and current and projected market conditions, BlackRock and the Boards currently intend to provide liquidity to ARPS holders from time-to-time over the remaining term of each Term Trust consistent with the best interest of each Term Trust and its shareholders. The amount and timing of such liquidity will likely differ for each Term Trust and are expected to be influenced by, among other factors, the amount and timing of securities that mature at par and securities that are called by their issuers prior to their maturity dates. BlackRock and the Boards continue to actively evaluate options to provide liquidity to ARPS holders and may in the future continue to determine to provide liquidity in advance of a Term Trust’s scheduled maturity date, although there is no guarantee that liquidity will be provided for all or a portion of a particular Term Trust’s ARPS before such time. If liquidity for ARPS is not provided sooner, each Term Trust will provide liquidity for all ARPS then outstanding at its respective maturity.Since February 2008, BlackRock and the Boards have been able to provide liquidity of ARPS totaling approximately $9.47 billion across taxable and tax-exempt closed-end funds (approximately 96.4% of the total ARPS then-outstanding). BlackRock will continue to keep market participants and shareholders informed of each Term Trust’s progress to provide liquidity for ARPS via press releases and on BlackRock’s website at www.blackrock.com.
BlackRock Closed-End Term Trusts Review Of Liquidity For Outstanding Auction Rate Preferred Shares
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