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BlackRock to redeem $569.5 million auction-rate preferred shares
By Melissa Kory
Cleveland, Nov. 15 - BlackRock Advisors, LLC announced that it will redeem its outstanding $569.5 million auction-rate preferred shares issued by five of its taxable closed-end funds.
Following the redemptions and taken with BlackRock's previously announced ARPS redemptions, BlackRock will have redeemed more than $3.7 billion of its outstanding ARPS.
The ARPS will be replaced with reverse repurchase agreement financing or credit facility financing on a fund-by-fund basis. The refinancing is expected to result in a lower cost of financing for each fund.
BlackRock Credit Allocation Income Trust III (BPP) will redeem $23.475 million, or 939 shares, of series T7, W7 and R7 stock on Dec. 8, Dec. 9 and Dec. 10, respectively, totaling $70.425 million.
BlackRock Credit Allocation Income Trust IV (BTZ) will redeem $57.75 million, or 2,310 shares, of series T7, W7, R7 and F7 stock on Jan. 5, Jan. 6, Jan. 7 and Jan. 10, respectively, totaling $231 million.
BlackRock Credit Allocation Income Trust I, Inc. (PSW) will redeem $20.125 million, or 805 shares, of series M7 and T7 stock on Dec. 7 and Dec. 8, respectively, totaling $40.25 million.
BlackRock Credit Allocation Income Trust II, Inc. (PSY) will redeem $21.525 million, or 861 shares, of series M7, T7, W7, R7 and F7 stock on Jan. 4, Jan. 5, Jan. 6, Jan. 7 and Jan. 10, respectively, totaling $107.625 million. The fund will also redeem $30.7 million, or 1,228 shares, of series W28 and R28 stock on Jan. 13 and Jan. 28, respectively, totaling $61.4 million.
BlackRock Floating-Rate Income Trust (BGT) will redeem $19.6 million, or 784 shares, of series T7, W7 and R7 stock on Dec. 8, Dec. 9 and Dec. 10, respectively, totaling $58.8 million.
BTZ and PSY will not issue formal notices of redemption for at least 30 days from Nov. 15.
BlackRock is a New York-based investment management firm.
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