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) (the “Fund”).
The partial redemption announced today, which totals $5.7 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.
The Depository Trust Company, the holder of record for the ARPS, determines by random lottery how the partial redemption will be allocated among each participant broker-dealer account that holds ARPS and each participant broker-dealer determines how to allocate partial the redemption among its respective ARPS holders.
Please see redemption details for the Fund’s ARPS below.
|Series||CUSIP||Redemption Date||Total Shares||Aggregate Principal|
|to be||Amount to be|
|M-7||09249C204||April 9, 2013||228||$5,700,000|
|(Redemption represents approximately 11.6% of BJZ’s current ARPS outstanding)|
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