BlackRock Insured Municipal Term Trust to redeem $50 million auction-rate preferreds

By Cristal Cody

Tupelo, Miss., Oct. 28 - BlackRock Insured Municipal Term Trust Inc. plans to redeem $50 million in auction-rate preferred stock on Nov. 18, according to a notice released Tuesday.

The New York City-based trust will redeem all 2,000 outstanding shares from the series M7 preferreds.

The trust is scheduled to terminate on Dec. 31, 2010.

As that date draws closer, the trust plans to reinvest cash in shorter maturity securities and reduce the amount of leverage it uses.

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