NEW YORK--(BUSINESS WIRE)--BlackRock Advisors, LLC announced today that BlackRock New Jersey Municipal Income Trust (NYSE:BNJ) (the “Fund”) has successfully issued Variable Rate Demand Preferred Shares (“VRDP”) totaling approximately $59.1 million pursuant to a private placement exempt from registration under the Securities Act of 1933. The proceeds from the issuance will be used to redeem all of the Fund’s outstanding variable rate muni term preferred shares on May 31, 2018.
It is currently expected that the reorganizations of the Fund and BlackRock New Jersey Municipal Bond Trust (NYSE:BLJ) with and into BlackRock MuniYield New Jersey Fund, Inc. (NYSE:MYJ), with MYJ continuing as the surviving fund (the “Reorganizations”) will be effective with the open for business of the New York Stock Exchange on June 11, 2018, subject to all regulatory requirements and customary closing conditions being satisfied. The Reorganizations, if completed, would occur based on the relative net asset values of the common shares of BLJ, BNJ and MYJ. In addition, BLJ and BNJ VRDP shareholders will receive on a one-for-one basis MYJ VRDP in an amount equal to the aggregate VRDP liquidation preference (including any accumulated and unpaid dividends) held by BLJ and BNJ VRDP shareholders immediately prior to the Reorganizations.
This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the BlackRock funds, including MYJ, the surviving Fund in the Reorganizations.
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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.