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Five BlackRock municipal funds to redeem auction-rate preferreds
By Tali David
Minneapolis, Aug. 19 - BlackRock California Municipal 2018 Term Trust, BlackRock Municipal 2020 Term Trust, BlackRock New York Municipal 2018 Term Trust, BlackRock Municipal 2018 Term Trust and BlackRock Florida Municipal 2020 Term Trust plan to redeem a portion of their auction-rate preferred shares, according to a press release from BlackRock Advisors, LLC.
The redemptions, which total $18.55 million of auction-rate preferreds, will be conducted at a liquidation preference of $25,000 per share, with accrued dividends, if applicable.
BlackRock California Municipal 2018 Term Trust will redeem 80 shares, or $2 million, on Sept. 10.
BlackRock Municipal 2020 Term Trust will redeem 98 shares, or $2.45 million, each on Sept. 9, Sept. 10 and Sept. 12.
BlackRock New York Municipal 2018 Term Trust will redeem 104 shares, or $2.6 million, on Sept. 11.
BlackRock Municipal 2018 Term Trust will redeem 92 shares, or $2.3 million, each on Sept. 12 and Sept. 13.
BlackRock Florida Municipal 2020 Term Trust will redeem 80 shares, or $2 million, on Sept. 9.
BlackRock is an investment management firm based in New York.
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