The BlackRock closed-end funds (the “Funds”) listed below
announced today the final results of each Fund’s tender offer
(each, a “Tender Offer”) for up to 2.5% of its outstanding common
shares (the “Shares”).
The Tender Offers, which expired at 5:00 p.m. Eastern time on
November 15, 2024, were oversubscribed for each Fund.
Therefore, in accordance with the terms and conditions of the
Tender Offers, each Fund will purchase Shares from all tendering
shareholders on a pro rata basis, after disregarding fractions,
based on the number of Shares properly tendered (“Pro-Ration
Factor”). The final results of the Tender Offers are provided in
the table below.
Fund Name
Ticker
CUSIP
Number of
Shares
Tendered
Number of
Tendered Shares
to be Purchased
Pro-Ration
Factor
Purchase
Price*
BlackRock Enhanced Capital and
Income Fund, Inc.
CII
09256A109
5,713,692
1,076,081
0.18844650
20.9328
BlackRock Enhanced Equity
Dividend Trust
BDJ
09251A104
18,268,902
4,537,043
0.24841620
9.2120
BlackRock Energy and Resources
Trust
BGR
09250U101
6,002,507
669,458
0.11161381
14.5922
*Equal to 98% of the Fund’s net asset value per Share as of the
close of regular trading on the New York Stock Exchange on November
18, 2024 (the business day immediately following the expiration
date of the Tender Offer).
Payments for Shares tendered and accepted are expected to be
made within approximately five business days after the expiration
date.
Questions regarding the Tender Offers may be directed to
Georgeson LLC, the Information Agent for the Tender Offers, toll
free at the numbers disclosed in each Fund’s Offer to Purchase.
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 Funds.
The offer to purchase a Fund’s common shares was made only pursuant
to an offer to purchase, a related letter of transmittal and other
documents filed with the U.S. Securities and Exchange Commission
(“SEC”) as exhibits to a tender offer statement on Schedule TO.
Shareholders may obtain a free copy of the offer to purchase and
other documents filed with the SEC at the website maintained by the
SEC at www.sec.gov or by directing such requests to the applicable
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
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 a
Fund may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to a 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 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, and regulatory, supervisory or
enforcement actions of government agencies relating to a 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 Funds with the Securities and Exchange Commission (“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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