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BlackRock California 2018 trust to redeem $5.7 million preferreds
By Toni Weeks
San Luis Obispo, Calif., March 15 - BlackRock California Municipal 2018 Term Trust will redeem $5.7 million of its outstanding series M-7 auction-rate preferred shares, according to a press release from BlackRock Advisors, LLC.
Each of the 228 shares will be redeemed at a liquidation preference of $25,000 per share plus accrued dividends on April 9.
The redemption amount represents about 11.6% of the trust's current outstanding ARPS, the release noted. BlackRock redemptions of its taxable and tax-exempt closed-end funds have totaled about $9.47 billion, or 96.4% of the total ARPS outstanding as of February 2008.
BlackRock is an investment management firm based in New York City.
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