BlackRock New Jersey, New York trusts to redeem all shares, liquidate

By Toni Weeks

San Diego, June 29 - BlackRock New Jersey Investment Quality Municipal Trust, Inc. and BlackRock New York Investment Quality Municipal Trust, Inc. will redeem all outstanding auction-rate municipal preferred stock in connection with the shareholder-approved liquidations of the trusts, according to a press release from BlackRock Advisors, LLC.

Each trust will redeem all of its issued and outstanding preferreds at a liquidation preference of $25,000 per share plus accrued dividends.

The New York trust will redeem 389 preferreds on July 23 for $9,725,000, and the New Jersey trust will redeem 276 preferreds on July 25 for $6.9 million.

BlackRock is an investment management firm based in New York.

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