NEW YORK--(BUSINESS WIRE)--BlackRock Advisors, LLC today announced that the reorganizations of each of BlackRock New Jersey Municipal Bond Trust (NYSE American:BLJ) and BlackRock New Jersey Municipal Income Trust (NYSE: BNJ) with and into BlackRock MuniYield New Jersey Fund, Inc. (NYSE:MYJ and, together with BLJ and BNJ, the “Funds”) (the “Reorganizations”) is effective as of the opening for business of the New York Stock Exchange on Monday, June 11, 2018.
In the Reorganizations, common shareholders of BLJ and BNJ received an amount of MYJ common shares equal to the aggregate net asset value of their holdings of BLJ and BNJ common shares as determined at the close of business on June 8, 2018. Fractional shares of MYJ common shares were not issued in the Reorganizations and consequently cash will be distributed for any such fractional shares.
Relevant details pertaining to the Reorganizations are as follows:
|Share Conversion Ratio|
|BlackRock MuniYield New Jersey Fund, Inc.||MYJ||15.5014||N/A|
|BlackRock New Jersey Municipal Bond Trust||BLJ||15.1794||0.97922768|
|BlackRock New Jersey Municipal Income Trust||BNJ||15.1053||0.97444747|
In addition, BLJ and BNJ preferred shareholders received on a one-for-one basis MYJ preferred shares in an amount equal to the aggregate preferred share liquidation preference held by BLJ and BNJ preferred 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. Investors should consider MYJ’s investment objective, risks, charges and expenses carefully and consider in its entirety the Joint Proxy Statement/Prospectus relating to the Reorganizations, which contains important information regarding the investment objectives and policies, risks, charges, expenses and other important information about MYJ.
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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 a Fund. The information contained on BlackRock’s website is not a part of this press release.