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Receipt of Motion to Preliminarily Enjoin the Refinancing of Auction Rate Preferred Shares Issued by Certain BlackRock Taxable

^{Published on 2010-11-24 16:00:27 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--On November 15, 2010, BlackRock Advisors, LLC announced the intention of BlackRock Credit Allocation Income Trust II, Inc. (NYSE:PSY) and BlackRock Credit Allocation Income Trust IV (NYSE:BTZ) to redeem all outstanding auction rate preferred shares (ARPS). BlackRock announced today that counsel for the plaintiffs in a previously announced shareholder derivative action has filed a motion for a preliminary injunction enjoining PSY and BTZ from redeeming outstanding ARPS pending final resolution of the underlying action. BlackRock and the funds believe the motion is without merit and intend to vigorously oppose it and complete the previously announced redemption of ARPS by PSY and BTZ, although no assurance can be given as to whether or when the redemptions will be completed.

BlackRock will continue to keep market participants and shareholders informed of its closed-end fundsa™ progress to redeem ARPS via press releases and/or on BlackRocka™s website at [ www.blackrock.com ].

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At September 30, 2010, BlackRocka™s assets under management were $3.446 trillion. BlackRock offers products that span the risk spectrum to meet clientsa™ needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares^® (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions^®. Headquartered in New York City, as of September 30, 2010, the firm has approximately 8,900 employees in 24 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the firma™s website at [ www.blackrock.com ]

Forward-Looking Statements

This press release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the BlackRock closed-end fundsa™ future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as atrend,a apotential,a aopportunity,a apipeline,a abelieve,a acomfortable,a aexpect,a aanticipate,a acurrent,a aintention,a aestimate,a aposition,a aassume,a aoutlook,a acontinue,a aremain,a amaintain,a asustain,a aseek,a aachieve,a and similar expressions, or future or conditional verbs such as awill,a awould,a ashould,a acould,a amaya 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 and the closed-end funds managed by BlackRock and its affiliates assume no duty to and do 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.

The following factors, among others, could cause actual events to differ materially from forward looking statements or historical Occurrences: (1) the ability of the BlackRock closed-end funds that have announced these ARPS redemptions to complete the redemptions; (2) the effects of changes in market and economic conditions; (3) other legal and regulatory developments; and (4) other additional execution risks and uncertainties.

The Annual and Semi-Annual Reports and other regulatory filings of the BlackRock closed-end funds with the Securities and Exchange Commission (SEC) are accessible on the SEC's website at [ www.sec.gov ] and on BlackRocka™s website at [ www.blackrock.com ], and may discuss these or other factors that affect the funds. The information contained on our website is not a part of this press release.