BlackRock Announces Results of Shareholder Vote at Adjourned Joint Special Shareholder Meeting Relating to the Reorganization...
22 January 2021 - 10:00AM
Business Wire
BlackRock Advisors, LLC announced today that, at a special
meeting of shareholders (the “Meeting”) of BlackRock New York
Municipal Income Trust (NYSE: BNY), the requisite votes of
shareholders of BNY have approved the reorganization of each of
BlackRock New York Municipal Income Quality Trust (NYSE: BSE) and
BlackRock New York Municipal Income Trust II (NYSE: BFY and
collectively with BSE and BNY, the “Funds,” and each, a “Fund”)
with and into BNY, with BNY continuing as the surviving Fund, and
the transactions contemplated thereby (together, the
“Reorganizations”). Shareholders of each of BSE and BFY previously
approved the applicable Reorganization at a joint special meeting
of shareholders.
It is currently expected that the Reorganizations will be
completed in the beginning of the second quarter of 2021, subject
to the satisfaction of customary closing conditions. Each
Reorganization, if completed, would occur based on the relative net
asset values of the common shares of the applicable Funds. Prior to
the Reorganizations, all of the Variable Rate Muni Term Preferred
Shares of BNY will be refinanced into Variable Rate Demand
Preferred Shares (“VRDP Shares”). Holders of VRDP Shares of BSE and
BFY would receive on a one-for-one basis VRDP Shares of BNY in an
amount equal to the aggregate VRDP Share liquidation preference
(including any accumulated and unpaid dividends) held by holders of
BSE and BFY VRDP Shares immediately prior to the
Reorganizations.
This press release is not intended to, and does not, constitute
an offer to purchase or sell shares of the Funds.
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, our clients turn to us for the
solutions they need when planning for their most important goals.
As of December 31, 2020, the firm managed approximately $8.68
trillion in assets on behalf of investors worldwide. For additional
information on BlackRock, please visit www.blackrock.com/corporate
| Twitter: @blackrock | Blog: www.blackrockblog.com | 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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