N@N

Four BlackRock Closed-End Funds Announce Pricing and Placement of $661 Million Private Offering of Variable Rate Demand Preferr

^{Published on 2011-04-21 15:05:52 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--BlackRock Advisors, LLC today announced that BlackRock MuniYield California Quality Fund, Inc. (NYSE:MCA), BlackRock MuniYield New Jersey Fund, Inc. (NYSE:MYJ), BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN) and BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) (each, a aFunda and collectively, the aFundsa) have each completed a private offering of Variable Rate Demand Preferred Shares (aVRDPa) with qualified institutional buyers, as defined pursuant to Rule 144A under the Securities Act of 1933. These issuances are part of a series of VRDP issuances expected in connection with the arrangement of $1.8 billion in liquidity support across twelve leveraged municipal closed-end funds (including the Funds), as announced on January 3, 2011.

The offerings announced today total $661 million in aggregate and break down by Fund as follows:

The proceeds from each offering will be used to redeem all of each Funda™s currently outstanding auction rate preferred shares (aARPSa). The ARPS redemptions associated with each Funda™s VRDP issuance, together with previously announced redemptions of ARPS by BlackRock closed-end funds, equal greater than $4.71 billion in redemptions of the total outstanding ARPS across BlackRock taxable and tax-exempt closed-end funds.

BlackRock and the Boards of Directors/Trustees of the BlackRock Closed-End Funds (the aBoardsa) continue to actively explore potential alternative forms of leverage in order to provide liquidity to ARPS shareholders, including, among other things, additional VRDP issuance, other alternative preferred stock structures and the expanded use of additional forms of leverage such as tender option bonds, as appropriate. The Boards and BlackRock will determine, based on the facts and circumstances applicable to each BlackRock fund with ARPS outstanding, whether such alternative forms of leverage would be appropriate and in the best interest of the respective fund as a whole and its shareholders.

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

This notice is being provided pursuant to Regulation FD (Fair Disclosure) to ensure that each Funda™s common and preferred shareholders have been informed of such Funda™s issuance of VRDP and its intention to redeem its outstanding ARPS, which may or may not occur.

VRDP have not been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no VRDP may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At March 31, 2011, BlackRocka™s assets under management were $3.648 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 March 31, 2011, the firm has approximately 9,300 employees in 26 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 BlackRocka™s 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 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 Fund, 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 Fund or in the Funda™s net asset value; (2) the relative and absolute investment performance of the 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, including the recently approved Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRocka™s ability to attract and retain highly talented professionals; (10) BlackRocka™s success in maintaining secondary market support for the Fund; (11) the impact of BlackRock electing to provide support to its products from time to time; (12) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (13) the ability of BlackRock to integrate the operations of Barclays Global Investors.

The Annual and Semi-Annual Reports and other regulatory filings of the Fund with the Securities and Exchange Commission (aSECa) 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 Fund. The information contained on our website is not a part of this press release.