BlackRock Closed-End Fund Announces Variable Rate Preferred Shares Action
Brookfield Finance Inc. 4.50% Perpetual Subordinated Notes (BNJ)
US:NYSE Investor Relations:
blackrock.com/investing/products/240236/blackrock-new-jersey-municipal-income-trust-usd-fund
Company Research
Source: Business Wire
NEW YORK--(BUSINESS WIRE)-- BlackRock Advisors, LLC announced today that BlackRock New Jersey Municipal Income Trust (NYSE:BNJ) (the “Fund”) has successfully issued Variable Rate Demand Preferred Shares (“VRDP”) totaling approximately $59.1 million pursuant to a private placement exempt from registration under the Securities Act of 1933. The proceeds from the issuance will be used to redeem all of the Fund’s outstanding variable rate muni term preferred shares on May 31, 2018. It is currently expected that the reorganizations of the Fund and BlackRock New Jersey Municipal Bond Trust (NYSE:BLJ) with and into BlackRock MuniYield New Jersey Fund, Inc. (NYSE:MYJ), with MYJ continuing as the surviving fund (the “Reorganizations”) will be effective with the open for business of the New York Stock Exchange on June 11, 2018, subject to all regulatory requirements and customary closing conditions being satisfied.
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