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BlackRock Municipal Income Fund, Inc. (NYSE: MUI) has announced its intention to redeem 3,763 Series W-7 Variable Rate Demand Preferred Shares on August 7, 2024. The redemption price will be equal to the liquidation preference of $100,000 per share, along with any accumulated and unpaid dividends up to the day before the redemption date. This action, announced by BlackRock Advisors, , represents a significant financial move for the Fund. The press release emphasizes that this announcement is neither an offer to sell nor a solicitation to buy any securities.
BlackRock Advisors announced that the Board of Directors of BlackRock Municipal Income Fund (NYSE: MUI) has approved converting the fund from an exchange-listed, closed-end fund to an unlisted closed-end fund. This conversion involves periodic share repurchases under Rule 23c-3. A tender offer to repurchase 50% of the outstanding common shares at 98% of the fund's net asset value is planned, subject to shareholder approval and other conditions. These changes are expected in the second half of 2024. Shareholders are urged to review all materials related to the tender offer and conversion when made available.
BlackRock Advisors, announced the approval of a tender offer by the Board of Directors of BlackRock Municipal Income Fund, Inc. to repurchase 50% of outstanding common shares at a price equal to 98% of the net asset value. The offer is contingent on the Fund's conversion to an unlisted closed-end fund structure by December 31, 2024. The Conversion is expected to be completed in the second half of 2024, subject to approvals. The Tender Offer and Conversion are part of an agreement between the Fund, BlackRock, and Karpus Management, Inc.
BlackRock Advisors announced the reorganization of BlackRock MuniHoldings Investment Quality Fund (NYSE: MFL) with BlackRock Municipal Income Fund (NYSE: MUI), effective April 11, 2022. MFL common shareholders received MUI shares equal to their holdings' net asset value as of April 8, 2022. Cash was distributed for fractional MUI shares. MFL preferred shareholders received MUI preferred shares based on their liquidation preference. This consolidation aims to streamline operations and enhance shareholder value.
BlackRock Advisors has announced a special distribution for BlackRock MuniHoldings Investment Quality Fund (MFL) and an early distribution for BlackRock Municipal Income Fund (MUI) as part of MFL's reorganization into MUI. The one-time special distribution for MFL, equating to $0.050 per share, will be paid on May 2, 2022, with an ex-dividend date of April 6, 2022. Simultaneously, MUI will pay an early distribution of $0.054 per share on the same date. All shares of MFL will cease trading on the NYSE as of April 8, 2022.
BlackRock Advisors announced the approval of the reorganization of BlackRock MuniHoldings Investment Quality Fund (MFL) into BlackRock Municipal Income Fund, Inc. (MUI). Shareholders of MFL will exchange their Variable Rate Muni Term Preferred Shares for Variable Rate Demand Preferred Shares of MUI on a one-for-one basis. The reorganization is expected to complete in Q2 2022, contingent on customary closing conditions. This merger aims to streamline operations and potentially enhance shareholder value.
BlackRock Advisors announced the results of a special shareholder meeting regarding the reorganization of BlackRock MuniHoldings Investment Quality Fund (NYSE: MFL) into BlackRock Municipal Income Fund, Inc. (NYSE: MUI). While MUI's shareholders approved the reorganization, MFL did not achieve the necessary votes from its common shareholders. As a result, the meeting for MFL has been adjourned to March 4, 2022, at 10:30 a.m. ET to continue soliciting proxies. The reorganization will only proceed if MFL secures the requisite approval from its shareholders.
BlackRock Advisors, LLC announced the reorganization of the BlackRock MuniHoldings Investment Quality Fund (NYSE: MFL) into the BlackRock Muni Intermediate Duration Fund, Inc. (NYSE: MUI), which will be renamed as BlackRock Municipal Income Fund, Inc. on October 1, 2021. The restructuring is anticipated to conclude in the first half of 2022, pending shareholder approvals and customary closing conditions. Detailed information about the reorganization will be available in an upcoming Proxy Statement to be filed with the SEC.
BlackRock Advisors announced an update regarding the BlackRock Muni Intermediate Duration Fund, Inc. (NYSE: MUI). Effective October 1, 2021, the Fund will eliminate its non-fundamental policy to maintain a dollar-weighted average portfolio duration of three to ten years. Alongside this change, the Fund will be renamed to BlackRock Municipal Income Fund, Inc. and will continue trading under the ticker symbol MUI.