Saba Capital Reaches Agreements with Two BlackRock Closed-End Funds

BlackRock Innovation and Growth Term Trust and BlackRock Health Sciences Term Trust Will Conduct Cash Tender Offers for 50% of Shares and 40% of Shares, Respectively, at 99.5% of NAV

NEW YORK--(BUSINESS WIRE)--Saba Capital Management, L.P. (together with certain of its affiliates, “Saba”) today announced that it has entered into standstill agreements (the “Agreements”) with BlackRock Advisors, LLC, which is the investment advisor of the BlackRock Innovation and Growth Term Trust (NYSE: BIGZ) and the BlackRock Health Sciences Term Trust (NYSE: BMEZ) (the “Funds”), following constructive negotiations. Under the terms of the Agreements, BIGZ will conduct a tender offer to purchase for cash 50% of its outstanding common shares and BMEZ will conduct a tender offer to purchase for cash 40% of its outstanding common shares (the “Tender Offers”). The Tender Offers will provide all shareholders the opportunity to tender some or all of their common shares at a price equal to 99.5% of the Funds’ net asset value per share (“NAV”) as determined as of the close of the regular trading session of the New York Stock Exchange (the “NYSE”) on the trading day after the expiration or closing date of the Tender Offers.

The Tender Offers are expected to commence on March 21, 2025, in the case of BMEZ, and on June 9, 2025, in the case of BIGZ, and will expire or close on the 20^th business day after their commencement and the Funds will pay for any Common Shares tendered no later than the seventh business day after the expiration or closing of the Tender Offers.

The terms of the Agreements also provide for Saba to tender all of its Common Shares of the Funds and withdraw the shareholder proposals it submitted to the Funds, in addition to complying with certain standstill covenants for a period of three years, encompassing the 2027 proxy season.

The full Agreements will be filed with the Securities and Exchange Commission.

About Saba Capital

Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba has offices in New York City and London. Learn more at www.sabacapital.com.