By Stephanie N. Rotondo
Portland, Ore., Sept. 15 - BlackRock New York Municipal Income Quality Trust sold $40.5 million of variable-rate demand preferred shares in a Rule 144A offering, according to a company-issued press release.
Proceeds from the sale will be used to redeem the fund's auction-rate preferreds. The redemptions are expected to be announced Sept. 16 and Sept. 26, as applicable.
The fund is managed by New York-based BlackRock Advisors LLC, an investment management, risk management and advisory firm for institutional and retail clients.
| Issuer: | BlackRock New York Municipal Income Quality Trust
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| Securities: | Variable-rate demand preferred shares
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| Amount: | $40.5 million
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| Distribution: | Rule 144A offering
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