Certain BlackRock Funds Announce Final Results of Tender Offers
BlackRock MuniVest Fund (MVF) and BlackRock Innovation and Growth Term Trust (BIGZ) announced final results of their tender offers for up to 2.5% of outstanding common shares. Both offers were oversubscribed. MVF will purchase 1,546,504 shares at $7.84 per share with a pro-ration factor of 0.05950522, while BIGZ will acquire 5,470,208 shares at $8.575 per share with a pro-ration factor of 0.15241822. The purchase price equals 98% of each Fund's NAV as of November 21, 2024. Payments are expected within five business days after expiration.
Il BlackRock MuniVest Fund (MVF) e il BlackRock Innovation and Growth Term Trust (BIGZ) hanno annunciato i risultati finali delle loro offerte di acquisto per un massimo del 2,5% delle azioni ordinarie in circolazione. Entrambe le offerte hanno registrato un sovrapprezzo. MVF acquister脿 1.546.504 azioni a 7,84 USD per azione con un fattore di proporzione di 0,05950522, mentre BIGZ acquister脿 5.470.208 azioni a 8,575 USD per azione con un fattore di proporzione di 0,15241822. Il prezzo di acquisto corrisponde al 98% del NAV di ciascun Fondo al 21 novembre 2024. I pagamenti sono previsti entro cinque giorni lavorativi dalla scadenza.
El BlackRock MuniVest Fund (MVF) y el BlackRock Innovation and Growth Term Trust (BIGZ) anunciaron los resultados finales de sus ofertas de compra por hasta el 2.5% de las acciones ordinarias en circulaci贸n. Ambas ofertas fueron sobreadjudicadas. MVF comprar谩 1,546,504 acciones a 7.84 USD por acci贸n con un factor de prorrateo de 0.05950522, mientras que BIGZ adquirir谩 5,470,208 acciones a 8.575 USD por acci贸n con un factor de prorrateo de 0.15241822. El precio de compra equivale al 98% del NAV de cada Fondo a partir del 21 de noviembre de 2024. Se espera que los pagos se realicen dentro de los cinco d铆as h谩biles despu茅s de la expiraci贸n.
敫旊灆搿 氘る媹氩犾姢韸 韼霌 (MVF)鞕赌 敫旊灆搿 順侅嫚 氚 靹膘灔 旮绊暅 鞁犿儊 (BIGZ)臧 氚滍枆霅 氤错喌欤 2.5%鞐 雽頃 鞛愳 毵れ垬 鞝滌晥鞚 斓滌 瓴瓣臣毳 氚滍憸頄堨姷雼堧嫟. 霊 鞝滌晥 氇憪 齑堦臣 觳暯霅橃棃鞀惦媹雼. MVF電 欤茧嫻 7.84雼煬搿 1,546,504欤茧ゼ 甑Г頃橂┌, 牍勳湪 臁办爼 鞚胳瀽電 0.05950522鞛呺媹雼. BIGZ電 欤茧嫻 8.575雼煬搿 5,470,208欤茧ゼ 鞚胳垬頃橂┌, 牍勳湪 臁办爼 鞚胳瀽電 0.15241822鞛呺媹雼. 甑Г 臧瓴╈潃 2024雲 11鞗 21鞚 旮办 臧 韼霌滌潣 NAV鞚 98%鞐 頃措嫻頃╇媹雼. 歆攵堨潃 毵岆 頉 5鞓侅梾鞚 鞚措偞鞐 鞚措（鞏挫 瓴冹溂搿 鞓堨儊霅╇媹雼.
Le BlackRock MuniVest Fund (MVF) et le BlackRock Innovation and Growth Term Trust (BIGZ) ont annonc茅 les r茅sultats finaux de leurs offres publiques pour jusqu'脿 2,5 % des actions ordinaires en circulation. Les deux offres ont 茅t茅 sursouscrites. Le MVF ach猫tera 1 546 504 actions au prix de 7,84 USD par action, avec un facteur de prorata de 0,05950522, tandis que le BIGZ acquerra 5 470 208 actions au prix de 8,575 USD par action avec un facteur de prorata de 0,15241822. Le prix d'achat 茅quivaut 脿 98 % de la valeur nette d'inventaire (VNI) de chaque fonds au 21 novembre 2024. Les paiements devraient 锚tre effectu茅s dans les cinq jours ouvrables suivant l'expiration.
Der BlackRock MuniVest Fund (MVF) und der BlackRock Innovation and Growth Term Trust (BIGZ) haben die finalen Ergebnisse ihrer Angebotsanfragen f眉r bis zu 2,5 % der ausstehenden Stammaktien bekannt gegeben. Beide Angebote waren 眉berzeichnet. MVF wird 1.546.504 Aktien zu einem Preis von 7,84 USD pro Aktie erwerben, mit einem Verteilungsfaktor von 0,05950522, w盲hrend BIGZ 5.470.208 Aktien zu einem Preis von 8,575 USD pro Aktie mit einem Verteilungsfaktor von 0,15241822 erwerben wird. Der Kaufpreis entspricht 98 % des NAV jedes Fonds zum 21. November 2024. Zahlungen werden voraussichtlich innerhalb von f眉nf Gesch盲ftstagen nach Ablauf erfolgen.
- Successful completion of tender offers indicating strong shareholder participation
- Both funds' tender offers were oversubscribed, showing high investor interest
- Low pro-ration factors (5.95% for MVF, 15.24% for BIGZ) mean most tendered shares won't be purchased
- Purchase price set at 2% discount to NAV, representing a minor loss for selling shareholders
Insights
The tender offer results for BlackRock MuniVest Fund (MVF) reveal significant shareholder interest, with 26,002,760 shares tendered against only 1,546,504 shares to be purchased at
This oversubscription suggests shareholders are eager to exit positions at a minimal discount to NAV, potentially reflecting concerns about rising interest rates or municipal bond market conditions. The tender offer provides a controlled liquidity event but affects only a small portion of outstanding shares, limiting the impact on the fund's overall structure and remaining shareholders.
The Tender Offers, which expired at 5:00 p.m. Eastern time on November 20, 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 (鈥淧ro-Ration Factor鈥). 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 MuniVest Fund, Inc. |
MVF |
09253R105 |
26,002,760 |
1,546,504 |
0.05950522 |
7.8400 |
BlackRock Innovation and Growth Term Trust |
BIGZ |
09260Q108 |
35,904,019 |
5,470,208 |
0.15241822 |
8.5750 |
*Equal to
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鈥檚 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鈥檚 common shares was made only pursuant to an offer to purchase, a related letter of transmittal and other documents filed with the
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FAQ
What was the pro-ration factor for BlackRock MuniVest Fund (MVF) tender offer?
How many shares were tendered in MVF's tender offer?
What was the purchase price per share for MVF's tender offer?
When will MVF shareholders receive payment for tendered shares?
