BlackRock Municipal Income Fund, Inc. (NYSE: MUI, the “Fund”) is
providing additional information related to the Fund’s upcoming
conversion from an exchange-listed closed-end fund to an unlisted
continuously-offered closed-end fund that conducts quarterly
repurchases of its shares (the “Conversion”) and will operate under
the name BlackRock Municipal Credit Alpha Portfolio, Inc. (the
“Interval Fund”). It is currently anticipated that the Conversion
will take place after the close of business on March 21, 2025, and
be effective on March 24, 2025 (the “Conversion Date”).
Delisting From the New York Stock Exchange
In connection with the Conversion, the Fund intends to delist
its shares of common stock (“MUI Shares”) from the New York Stock
Exchange effective as of the close of business on February 14, 2025
(the “Delisting Date”). Please note that, effective as of the
Delisting Date, the MUI Shares will no longer trade on the NYSE or
any other securities exchange. The Conversion Date and the
Delisting Date are subject to change. Any such changes will be
announced via press release.
Conversion and First Periodic Repurchase
MUI Shares held on the Conversion Date will be redesignated as
Institutional Shares of the Interval Fund (“Interval Fund Shares”).
The Interval Fund Shares will not be listed for trading on any
securities exchange and a secondary market is not expected to
develop for the Interval Fund Shares. As a result, an investment in
the Interval Fund is not a liquid investment. Shareholders will
generally only be able to sell their Interval Fund Shares through
the Interval Fund’s quarterly offers to repurchase between 5% and
25% of the outstanding Interval Fund Shares. The Interval Fund
currently intends to commence the initial repurchase offer in the
second quarter of 2025.
Although the Interval Fund intends to conduct quarterly
repurchase offers, such repurchase offers may be oversubscribed. If
a repurchase offer is oversubscribed, the Interval Fund will
repurchase the shares tendered on a pro rata basis, and
shareholders will have to wait until the next repurchase offer to
make another repurchase request. As a result, shareholders may be
unable to liquidate all or a given percentage of their investment
in the Interval Fund through a particular repurchase offer.
Shareholders will be subject to the risk of NAV fluctuations and
other investment-related risks during that period.
Important Notice to Shareholders Who Hold Shares Through a
Financial Intermediary
Following the Conversion, the Interval Fund will offer one or
more classes of shares through select financial intermediaries.
Shareholders should be aware that not all financial intermediaries
will offer to sell shares of the Interval Fund or support
quarterly repurchase offers by the Interval Fund.
SHAREHOLDERS SHOULD CONTACT THEIR FINANCIAL INTERMEDIARY AS
SOON AS POSSIBLE TO CONFIRM WHETHER THEIR INTERMEDIARY WILL SUPPORT
QUARTERLY REPURCHASE OFFERS AND WHAT, IF ANY, EFFECT THE CONVERSION
WILL HAVE ON THE SHAREHOLDER’S ACCOUNT.
Additional Resources Regarding the Conversion:
PRESS RELEASE - June 7, 2024: BlackRock Municipal Income Fund,
Inc. (MUI) Approves Conversion to Unlisted Closed-End Interval Fund
Structure
October 16, 2024 SEC Filing: SEC Registration Filing for
BlackRock Municipal Credit Alpha Portfolio (MUNEX)
PRESS RELEASE - November 18, 2024: BlackRock Municipal Income
Fund, Inc. (MUI) Announces Final Results of Tender Offer
Important Notice
This press release is for informational purposes only and shall
not constitute a recommendation, an offer to purchase or a
solicitation of an offer to sell any common shares of the Fund.
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
Availability of Fund Updates
BlackRock will update performance and certain other data for the
Fund 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
Fund. This reference to BlackRock’s website is intended to allow
investors public access to information regarding the Fund 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
Fund may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to the Fund’s 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 Fund, 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 Fund or in
the Fund’s net asset value; (2) the relative and absolute
investment performance of the 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, and regulatory, supervisory or
enforcement actions of government agencies relating to the Fund 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 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 Fund. The information contained on BlackRock’s
website is not a part of this press release.
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