BlackRock Advisors announces details on preferred shares redemption

By Tali David

Minneapolis, June 15 - BlackRock Advisors, LLC provided details for the redemption of the auction-rate preferred shares issued by five of its tax-exempt closed-end funds:

• The BlackRock Virginia Municipal Bond Trust will redeem all $11,675,000 of R-7 shares on July 6;

• The BlackRock New Jersey Municipal Bond Trust will redeem all $18,775,000 of M-7 shares on July 10;

• The BlackRock Pennsylvania Strategic Municipal Trust will redeem all $16,325,000 of W-7 shares on July 5;

• The BlackRock Maryland Municipal Bond Trust will redeem all $16 million of R-7 shares on July 6; and

• The Massachusetts Health & Education Tax-Exempt Trust will redeem all $9.25 million of A shares on June 21 and $9.25 million of B shares on June 20.

The Massachusetts trust preferreds will be redeemed at a liquidation preference of $50,000 per share, while the rest will be redeemed at a liquidation preference of $25,000 per share.

As previously reported, the redemptions will be funded with cash and proceeds received from the anticipated placement of privately issued preferred shares.

BlackRock is an investment management firm based in New York.

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