BlackRock California Municipal 2018 Term Trust Announces Partial Redemption Of Auction Rate Preferred Shares
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...
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.
Amount to be
April 9, 2013
(Redemption represents approximately 11.6% of BJZ’s current ARPS outstanding)
When taken together with previously announced redemptions of ARPS by BlackRock closed-end funds, this redemption totals 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). 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 December 31, 2012, BlackRock’s AUM was $3.792 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 December 31, 2012, the firm has approximately 10,500 employees in 30 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 Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund 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.