BlackRock Advisors, LLC today announced the declaration of a
special distribution for BlackRock Maryland Municipal Bond Trust
(NYSE: BZM), BlackRock Massachusetts Tax-Exempt Trust (NYSE: MHE),
BlackRock MuniYield Arizona Fund, Inc. (NYSE: MZA), BlackRock
MuniYield Investment Fund (NYSE: MYF), BlackRock MuniEnhanced Fund,
Inc. (NYSE: MEN) and BlackRock MuniYield Quality Fund, Inc. (NYSE:
MQY and collectively with BZM, MHE, MZA, MYF and MEN, the “Funds,”
and each, a “Fund”) in connection with the reorganizations of BZM,
MHE, MZA, MYF, and MEN into MQY, with MQY continuing (the “Combined
Fund”) as the surviving Fund (the “Reorganizations”).
With respect to each of the Funds, the special distribution
declared today represents undistributed net investment income
earned through the effective date of the Reorganizations. In order
to maintain status as a regulated investment company and to avoid
the imposition of a corporate level income tax, each of BZM, MHE,
MZA, MYF, and MEN are required to declare a distribution of all net
investment income prior to the consummation of the Reorganizations
as described below. Other than the special distribution announced
today, BZM, MHE, MZA, MYF, and MEN will declare no further
distributions prior to or following the Reorganizations. As this
special distribution includes all net investment income earned by
each Fund in earlier periods and not previously distributed, it is
not indicative of the amount of the Combined Fund’s future monthly
distributions.
BZM, MHE, MZA, MYF, and MEN are declaring a special distribution
that will be payable on May 3, 2021. The ex-dividend date for the
distribution is April 7, 2021 and the record date is April 8, 2021.
Accordingly, persons who are holders of record of BZM, MHE, MZA,
MYF, or MEN common shares on April 8, 2021 should expect to receive
the distribution. The distribution payable to shareholders of BZM,
MHE, MZA, MYF, or MEN will be paid in cash. Common shares of
BZM, MHE, MZA, MYF, or MEN acquired after April 6th, 2021 will not
be entitled to the distribution.
MQY is declaring a special distribution that will be payable on
May 3, 2021. The ex-dividend date for the distribution is April 7,
2021, and the record date is April 8, 2021. Accordingly, persons
who are holders of record of MQY common shares on April 8, 2021
should expect to receive the distribution. Common shares of MQY
acquired after April 6th, 2021 will not be entitled to the
distribution.
Common shares of BZM, MHE, MZA, MYF, or MEN acquired after
April 6th, 2021 will not be entitled to their respective special
distributions and will not be eligible to receive a distribution
until an initial distribution is declared on the Combined Fund
after the closing of the Reorganizations. We expect that on May 3,
2021 the Combined Fund will declare its first monthly distribution
payable on June 1, 2021.
It is currently expected that the Reorganizations will be
completed by the open of business on the New York Stock Exchange on
April 19, 2021, subject to the satisfaction of customary closing
conditions. To facilitate the Merger, all shares of BZM, MHE,
MZA, MYF, and MEN will cease trading on the NYSE as of market close
on Friday, April 16, 2021. Each Reorganization, if completed,
would occur based on the relative net asset values of the common
shares of the applicable Funds. In addition, holders of Variable
Rate Demand Preferred Shares (“VRDP Shares”) of each of BZM, MHE,
MZA, MYF, and MEN would receive on a one-for-one basis VRDP Shares
of MQY in an amount equal to the aggregate VRDP Share liquidation
preference (including any accumulated and unpaid dividends) held by
holders of BZM, MHE, MZA, MYF, and MEN VRDP Shares immediately
prior to the Reorganizations.
Distribution details are as follows:
Declaration- 3/19/2021 Ex-Date- 4/7/2021 Record- 4/8/2021
Payable- 5/3/2021
Fund
Ticker
Per-Share Distribution
BlackRock Maryland Municipal Bond
Trust
BZM
$0.1502250
BlackRock Massachusetts Tax-Exempt
Trust
MHE
$0.0893560
BlackRock MuniYield Arizona Fund, Inc.
MZA
$0.1160030
BlackRock MuniYield Investment Fund
MYF
$0.0560000
BlackRock MuniEnhanced Fund, Inc.
MEN
$0.1050000
BlackRock MuniYield Quality Fund, Inc.
MQY
$0.1023590
This communication is not intended to, and shall not, constitute
an offer to purchase or sell shares of any of the BlackRock funds,
including MQY, the surviving Fund in the Reorganizations.
About BlackRock
BlackRock’s purpose is to help more and more people experience
financial well-being. As a fiduciary to investors and a leading
provider of financial technology, we help millions of people build
savings that serve them throughout their lives by making investing
easier and more affordable. For additional information on
BlackRock, please visit www.blackrock.com/corporate | Twitter:
@blackrock | LinkedIn: www.linkedin.com/company/blackrock
Availability of Fund Updates
BlackRock will update performance and certain other data for the
BlackRock closed-end funds on a monthly basis on its website in the
“Closed-end Funds” section of www.blackrock.com as well as certain
other material information as necessary from time to time.
Investors and others are advised to check the website for updated
performance information and the release of other material
information about the Funds. This reference to BlackRock’s website
is intended to allow investors public access to information
regarding the Funds and does not, and is not intended to,
incorporate BlackRock’s website in this release.
Forward-Looking Statements
This press release, and other statements that BlackRock or the
Funds may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to the Funds’ or BlackRock’s future financial or business
performance, strategies or expectations. Forward-looking statements
are typically identified by words or phrases such as “trend,”
“potential,” “opportunity,” “pipeline,” “believe,” “comfortable,”
“expect,” “anticipate,” “current,” “intention,” “estimate,”
“position,” “assume,” “outlook,” “continue,” “remain,” “maintain,”
“sustain,” “seek,” “achieve,” and similar expressions, or future or
conditional verbs such as “will,” “would,” “should,” “could,” “may”
or similar expressions.
BlackRock cautions that forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are
made, and BlackRock assumes no duty to and does not undertake to
update forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements and
future results could differ materially from historical
performance.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210319005469/en/
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