Two BlackRock municipal term trusts to redeem auction-rate preferreds

By Tali Rackner

Norfolk, Va., April 2 - BlackRock Advisors, LLC announced that two of its term trusts plan to redeem a portion of their auction-rate preferred shares, according to a 23C-2 filing with the Securities and Exchange Commission and a press release.

The BlackRock California Municipal 2018 Term Trust will redeem 100 series M-7 preferreds, or $2.5 million, on April 22. This represents 50.3% of the outstanding preferreds.

The BlackRock Florida Municipal 2020 Term Trust will redeem 30 series F-7 preferreds, or $750,000, on April 28. This represents 24% of the outstanding preferreds.

The redemptions will be conducted at a liquidation preference of $25,000 per share.

BlackRock is an investment management firm based in New York.

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