BlackRock Advisors, LLC announced today that, at a special
meeting of shareholders of BlackRock Credit Allocation Income Trust
I, Inc. (NYSE:PSW), BlackRock Credit Allocation Income Trust II,
Inc. (NYSE:PSY), BlackRock Credit Allocation Income Trust III
(NYSE:BPP) and BlackRock Credit Allocation Income Trust IV
(NYSE:BTZ) (collectively, the “Funds”) held today, shareholders of
the Funds have approved the reorganization of each of PSW, PSY and
BPP into BTZ, with BTZ continuing as the surviving fund (each, a
“Reorganization”). It is currently expected that the
Reorganizations will be effective with the open for business of the
New York Stock Exchange on December 10, 2012, subject to all
regulatory requirements and customary closing conditions being
satisfied. The Reorganizations, if completed, would occur based on
the relative net asset values of (i) PSW and BTZ, (ii) PSY and BTZ
and (iii) BPP and BTZ, respectively.
At the special meeting, shareholders of each of the Funds also
approved the removal of certain fundamental investment policies
with respect to concentration of each Fund’s investments in the
financial services sector or in companies engaged in providing
financial services, as applicable (each, a “Concentration Policy”)
and an amendment to each Fund’s fundamental investment restriction
regarding industry concentration, as described in the Funds’
definitive Joint Proxy Statement/Prospectus.
The removal of each Fund’s Concentration Policy and the
amendment to each Fund’s fundamental investment restriction (each,
a “Concentration Policy Amendment”) are effective as of today’s
date.
Additional Information about the Reorganizations and the
Concentration Policy Amendments and Where to Find It
This press release is not intended to, and does not, constitute
an offer to purchase or sell shares of any of the Funds; nor is
this press release intended to solicit a proxy from any shareholder
of any of the Funds. The solicitation of the purchase or sale of
securities or of proxies to effect each Reorganization and each
Concentration Policy Amendment will only be made by a final,
effective Registration Statement, which includes a definitive Joint
Proxy Statement/Prospectus, after the Registration Statement is
declared effective by the Securities and Exchange Commission (the
“SEC”).
This press release references a Registration Statement, which
includes a Joint Proxy Statement/Prospectus, to be filed by the
Funds. This Registration Statement has yet to be filed with the
SEC. After the Registration Statement is filed with the SEC, it may
be amended or withdrawn and the Joint Proxy Statement/Prospectus
will not be distributed to shareholders of the Funds unless and
until the Registration Statement is declared effective by the
SEC.
The Funds and their respective trustees, officers and employees,
and BlackRock, and its shareholders, officers and employees and
other persons may be deemed to be participants in the solicitation
of proxies with respect to the Reorganizations and the
Concentration Policy Amendments. Investors and shareholders may
obtain more detailed information regarding the direct and indirect
interests of the Funds' respective trustees, officers and
employees, and BlackRock and its shareholders, officers and
employees and other persons by reading the Joint Proxy
Statement/Prospectus relating to the Reorganizations and the
Concentration Policy Amendments when it is filed with the SEC.
INVESTORS AND SECURITY HOLDERS OF THE FUNDS ARE URGED TO READ
THE JOINT PROXY STATEMENT/PROSPECTUSES AND OTHER DOCUMENTS FILED
WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME
AVAILABLE BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE REORGANIZATIONS AND THE CONCENTRATION POLICY
AMENDMENTS. INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVES,
RISKS, CHARGES AND EXPENSES OF THE FUNDS CAREFULLY. THE JOINT PROXY
STATEMENT/PROSPECTUSES WILL CONTAIN INFORMATION WITH RESPECT TO THE
INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE FUNDS AND
OTHER IMPORTANT INFORMATION ABOUT THE FUNDS. The Joint Proxy
Statement/Prospectus will not constitute an offer to sell
securities, nor will it constitute a solicitation of an offer to
buy securities, in any state where such offer or sale is not
permitted.
Security holders may obtain free copies of the Registration
Statement and Joint Proxy Statement/Prospectus and other documents
(when they become available) filed with the SEC at the SEC's web
site at www.sec.gov. In addition, free copies of the Joint Proxy
Statement/Prospectus and other documents filed with the SEC may
also be obtained by directing a request to BlackRock at (800)
882-0052.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At September 30, 2012, BlackRock’s AUM was $3.673
trillion. BlackRock offers products that span the risk spectrum to
meet clients’ needs, including active, enhanced and index
strategies across markets and asset classes. Products are offered
in a variety of structures including separate accounts, mutual
funds, iShares® (exchange traded funds), and other pooled
investment vehicles. BlackRock also offers risk management,
advisory and enterprise investment system services to a broad base
of institutional investors through BlackRock Solutions®.
Headquartered in New York City, as of September 30, 2012, the firm
has approximately 10,400 employees in 29 countries and a major
presence in key global markets, including North and South America,
Europe, Asia, Australia and the Middle East and Africa. For
additional information, please visit BlackRock’s website at
www.blackrock.com.
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 a Fund’s net asset value; (2) the relative and absolute
investment performance of a Fund 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 a Fund or BlackRock, as applicable; (8) terrorist activities,
international hostilities 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 a
Fund 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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