BlackRock municipal trusts call $81.28 million auction-rate preferreds

By Tali David

Minneapolis, May 17 - BlackRock Advisors, LLC announced the redemption of $81,275,000 of auction-rate preferred shares issued by five of its tax-exempt closed-end funds.

The redemptions will be made at par plus accrued dividends and are expected to happen in May or June.

The BlackRock Virginia Municipal Bond Trust will redeem all $11,675,000 of its preferreds.

The BlackRock New Jersey Municipal Bond Trust will redeem all $18,775,000 of its preferreds.

The BlackRock Pennsylvania Strategic Municipal Trust will redeem all $16,325,000 of its preferreds.

The BlackRock Maryland Municipal Bond Trust will redeem all $16 million of its preferreds.

The Massachusetts Health & Education Tax-Exempt Trust will redeem all $18.5 million of its preferreds.

The redemptions will be funded with cash and proceeds received from anticipated placements of privately issued preferred shares.

BlackRock is an investment management firm based in New York.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.