BlackRock Announces Designation Of Successor Rate For Outstanding Auction Rate Preferred Shares

BlackRock Advisors, LLC and the Boards of Directors/Trustees of the BlackRock Closed-End Funds today announced, effective January 1, 2013, the designation of the S&P Municipal Bond 7 Day High Grade Index as a “successor rate” to the S&P Weekly High Grade Index (formerly known as the Kenny S&P 30 Day High Grade Index) for the purposes of calculating maximum reset rates on auction rate preferred shares (“ARPS”) issued by the five BlackRock closed-end funds listed below (the “Funds”). S&P Capital IQ, which publishes the S&P Weekly High Grade Index, previously announced that it would cease production of such index effective January 1, 2013.
 
Funds         Ticker
BlackRock Municipal 2018 Term Trust         BPK
BlackRock California Municipal 2018 Term Trust         BJZ
BlackRock New York Municipal 2018 Term Trust         BLH
BlackRock Municipal 2020 Term Trust         BKK
BlackRock Florida Municipal 2020 Term Trust         BFO
 

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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