NEW YORK--(BUSINESS WIRE)--BlackRock Advisors, LLC today announced the declaration of a special distribution for BlackRock New Jersey Municipal Bond Trust (NYSE:BLJ), BlackRock New Jersey Municipal Income Trust (NYSE:BNJ) and BlackRock MuniYield New Jersey Fund, Inc. (NYSE:MYJ) (collectively, the “Funds”) in connection with the reorganizations of BLJ and BNJ into MYJ, with MYJ continuing (the “Combined Fund”) as the surviving Fund (the “Reorganizations”).
With respect to each of the Funds, the special distribution declared today represents undistributed net investment income earned through the effective date of the Reorganizations. In order to maintain status as a regulated investment company and to avoid the imposition of a corporate level income tax, each of BLJ and BNJ are required to declare a distribution of all net investment income prior to the consummation of the Reorganizations as described below. Other than the special distribution announced today, BLJ and BNJ will declare no further distributions prior to or following the Reorganizations. As this special distribution includes all net investment income earned by each Fund in earlier periods and not previously distributed, it is not indicative of the amount of the Combined Fund’s future monthly distributions.
BLJ and BNJ are declaring a special distribution that will be payable on July 2, 2018. The ex-dividend date for the distribution is June 6, 2018, and the record date is June 7, 2018. Accordingly, persons who are holders of record of BLJ or BNJ common shares on June 7, 2018 should expect to receive the distribution. The distribution payable to shareholders of BLJ or BNJ will be paid in cash. Common shares of BLJ or BNJ acquired after June 5, 2018 will not be entitled to the distribution.
MYJ is declaring a special distribution that will be payable on July 2, 2018. The ex-dividend date for the distribution is June 6, 2018, and the record date is June 7, 2018. Accordingly, persons who are holders of record of MYJ common shares on June 7, 2018 should expect to receive the distribution. Common shares of MYJ acquired after June 5, 2018 will not be entitled to the distribution.
Common shares of BLJ, BNJ, or MYJ acquired after June 5, 2018 will not be entitled to the distributions and will not be eligible to receive a distribution until an initial distribution is declared on the Combined Fund after the closing of the Reorganizations. We expect that on July 2, 2018 the Combined Fund will declare its first monthly distribution payable on August 1, 2018.
It is currently expected that the Reorganizations will be completed by the open of business on 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 preferred shareholders will receive on a one-for-one basis MYJ Variable Rate Demand Preferred Shares (“VRDP Shares”) in an amount equal to the aggregate VRDP Share liquidation preference (including any accumulated and unpaid dividends) held by BLJ and BNJ preferred shareholders immediately prior to the Reorganizations. Prior to the Reorganizations, all of the Variable Rate Muni Term Preferred Shares of BNJ were refinanced into VRDP Shares of BNJ with terms substantially identical to those of the MYJ VRDP Shares.
Distribution details are as follows:
|Declaration- 5/25/2018||Ex-Date- 6/6/2018||Record- 6/7/2018||Payable- 7/2/2018|
|BlackRock New Jersey Municipal Bond Trust||BLJ*||$0.15000|
|BlackRock New Jersey Municipal Income Trust||BNJ*||$0.06350|
|BlackRock MuniYield New Jersey Fund, Inc.||MYJ||$0.11000|
*$143,622 of BLJ’s distribution and $317,144 of BNJ’s distribution is return of capital.
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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