BlackRock Municipal 2020 calls $10.2 million auction-rate preferreds

By Angela McDaniels

Tacoma, Wash., Jan. 30 – BlackRock Municipal 2020 Term Trust will redeem $10.2 million, or 47.4%, of its outstanding auction-rate preferred shares, according to a news release from BlackRock Advisors, LLC.

The issuer will redeem $3.4 million of its series F-7 preferreds and $3.4 million of its series M-7 preferreds on Feb. 21 and $3.4 million of its series W-7 preferreds on Feb. 23.

The redemptions will be conducted at a liquidation preference of $25,000 per preferred plus accrued dividends to the redemption date.

As previously reported, the issuer redeemed $2 million of the series F-7 preferreds on Jan. 9, $2 million of the series M-7 preferreds on Jan. 10 and $2 million of the series W-7 preferreds on Jan. 5.

New York-based BlackRock Advisors provides investment management, risk management and advisory services for institutional and retail clients.

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