Four BlackRock municipal trusts to redeem auction-rate preferreds

By Jennifer Chiou

New York, Dec. 11 - Four of BlackRock Advisors, LLC's municipal term trusts plan to redeem some of their auction-rate preferred shares.

The redemptions will be conducted at a liquidation preference of $25,000 per share plus accrued dividends, if applicable, according to filings with the Securities and Exchange Commission.

The BlackRock Municipal 2020 Term Trust will redeem 111 W-7 preferreds on Jan. 2, 111 F-7 preferreds on Jan. 6 and 111 M-7 preferreds on Dec. 31 for a total redemption of $8,325,000.

The BlackRock Municipal 2018 Term Trust will redeem 105 R-7 preferreds on Jan. 3 and 105 W-7 preferreds on Jan. 2 for a total redemption of $5.25 million.

The BlackRock California Municipal 2018 Term Trust will redeem 310 M-7 preferreds on Dec. 31 for a total redemption of $7.75 million.

Finally, the BlackRock Florida Municipal 2020 Term Trust will redeem 65 F-7 preferreds on Jan. 6, for a total redemption amount of $1,625,000.

According to a news release, the redemptions total $22.95 million. When taken together with previously announced redemptions of ARPS by BlackRock closed-end funds, the overall redemptions total about $9.62 billion.

BlackRock is an investment management firm based in New York.

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