NEW YORK--(BUSINESS WIRE)--BlackRock Advisors, LLC today announced the declaration of special distributions for BlackRock MuniYield Michigan Quality Fund II, Inc. (NYSE:MYM) and BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) (collectively, the “Funds”) in connection with the reorganization of MYM into MIY, with MIY continuing as the surviving Fund (the “Reorganization”).
With respect to each of the Funds, the distribution declared today represents undistributed net investment income earned through the effective date of the Reorganization. In order to maintain its status as a regulated investment company and to avoid the imposition of a corporate level income tax, MYM is required to declare all of its net investment income prior to the consummation of the Reorganization as described below. Other than the special distributions announced today, MYM will declare no further distributions prior to or following the Reorganization.
MYM and MIY are declaring special distributions that will be payable on October 1 and November 2, 2015 (the “Distributions”). The ex-dividend date for the Distributions is September 9, 2015, and the record date is September 11, 2015. Accordingly, persons who are holders of record of either MYM or MIY common shares on September 11, 2015 should expect to receive both Distributions. Distributions payable to shareholders of MYM will be paid in cash.
Common shares of MYM or MIY acquired after September 8, 2015 will not be entitled to the Distributions and will not be eligible to receive a distribution until the initial distribution is declared on MIY after the closing of the Reorganization (the “Combined Fund”).
On September 15, 2015, it is anticipated that the Combined Fund will declare a partial distribution expected to be payable on November 2, 2015 and the first full monthly distribution of the Combined Fund, which is expected to be payable on December 1, 2015.
It is currently expected that the Reorganization will be completed with the open for business of the New York Stock Exchange on September 14, 2015, subject to all regulatory requirements and customary closing conditions being satisfied. The Reorganization, if completed, would occur based on the relative net asset values of the common shares of MYM and MIY. In addition, MYM preferred shareholders will receive on a one-for-one basis MIY preferred shares in an amount equal to the aggregate preferred share liquidation preference held by MYM preferred shareholders immediately prior to the Reorganization.
Distribution details are as follows:
| Declaration- 9/1/2015 Ex-Date- 9/9/2015 Record- 9/11/2015 Payable- 10/1/2015 |
| Fund | Ticker | Per-Share Distribution | ||||
| BlackRock MuniYield Michigan Quality Fund II, Inc. | MYM | $0.063000 | ||||
| BlackRock MuniYield Michigan Quality Fund, Inc. | MIY | $0.069000 |
| Declaration- 9/1/2015 Ex-Date- 9/9/2015 Record- 9/11/2015 Payable- 11/2/2015 |
| Fund | Ticker | Per-Share Distribution | ||||
| BlackRock MuniYield Michigan Quality Fund II, Inc. | MYM | $0.037550 | ||||
| BlackRock MuniYield Michigan Quality Fund, Inc. | MIY | $0.055647 |
This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the BlackRock funds, including MIY, the surviving fund in the Reorganization.
About BlackRock
BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At June 30, 2015, BlackRock’s AUM was $4.721 trillion. BlackRock helps clients around the world meet their goals and overcome challenges with a range of products that include 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®. As of June 30, 2015, the firm had approximately 12,400 employees in more than 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 the Company’s website at www.blackrock.com | Twitter: @blackrock_news | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock.
Availability of Fund Updates
BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this release.
Forward-Looking Statements
This press release, and other statements that BlackRock or a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Fund’s 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.
BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.
With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or in a Fund’s net asset value; (2) the relative and absolute investment performance of a Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to a Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.
Annual and Semi-Annual Reports and other regulatory filings of the Funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC's website at www.sec.gov and on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the Funds. The information contained on BlackRock’s website is not a part of this press release.