BlackRock Finalizes Municipal CEF Reorganizations, Launches Discount Management Program
BlackRock completed reorganization of select municipal closed-end funds by merging targeted series to streamline its CEF lineup. It adopted a discount management program authorizing strategic share repurchases to narrow the merged funds’ trading discount to net asset value.
1. Completion of Municipal CEF Reorganizations
BlackRock finalized the restructuring of certain municipal closed-end funds, merging select series into core portfolios to consolidate assets, improve operational efficiency and simplify its municipal fund lineup.
2. Adoption of Discount Management Program
In conjunction with the reorganizations, BlackRock initiated a discount management program that authorizes the funds to repurchase shares in the open market, aiming to reduce their average discount to net asset value and enhance shareholder value.
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