BlackRock Advisors, LLC announced today that BlackRock New York Municipal Bond Trust (NYSE:BQH, CUSIP: 09249P304) intends to redeem all of its outstanding Series W-7 Variable Rate Demand Preferred Shares, par value $0.001 per share (“VRDP Shares”), on October 1, 2020, at a redemption price equal to the liquidation preference of $100,000 per share, together with accumulated and unpaid dividends through the day prior to the redemption date.
It is currently expected that the merger of BQH into BlackRock New York Municipal Opportunities Fund (“MENKX” and together with BQH, the “Funds”), an open-end mutual fund and a series of BlackRock Multi-State Municipal Series Trust (the “Merger”), will be effective with the open for business of the New York Stock Exchange on October 26, 2020, subject to the satisfaction of customary closing conditions and the prior redemption of all of the VRDP Shares. Common shareholders of BQH who become shareholders of MENKX will receive Investor A Shares of MENKX in the Merger. The aggregate net asset value of MENKX Investor A Shares received by BQH common shareholders will be equal to the aggregate net asset value of the common shares of BQH held by its common shareholders, in each case as of the close of business on the business day immediately prior to the closing date of the Merger.
This press release is not intended to, and does not, constitute an offer to purchase or sell shares of the Funds.
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With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or in the Funds’ net asset value; (2) the relative and absolute investment performance of the Funds and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Funds or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.
Annual and Semi-Annual Reports and other regulatory filings of the Funds with the SEC are accessible on the SEC's website at www.sec.gov and on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the Funds. The information contained on BlackRock’s website is not a part of this press release.