BlackRock Advisors, LLC today announced that the reorganization of each
BlackRock High Yield Trust (NYSE:BHY), BlackRock Corporate High Yield
Fund, Inc. (NYSE:COY), BlackRock Corporate High Yield Fund III, Inc.
(NYSE:CYE), BlackRock High Income Shares (NYSE:HIS) and BlackRock
Corporate High Yield Fund V, Inc. (NYSE:HYV) with and into BlackRock
Corporate High Yield Fund VI, Inc. (NYSE:HYT) (each, a “Reorganization”)
is effective as of the opening for business of the New York Stock
Exchange on November 18, 2013.
In the Reorganizations, common shareholders of BHY, COY, CYE, HIS and
HYV, respectively, received an amount of HYT common shares equal to the
aggregate net asset value of their holdings of BHY, COY, CYE, HIS and/or
HYV common shares, as applicable, as determined at the close of business
on November 15, 2013. Fractional HYT shares were not issued in the
Reorganizations and consequently cash will be distributed for any such
fractional amounts.
Relevant details pertaining to the Reorganizations are as follows:
Fund
|
|
NAV/Share ($)
|
|
Conversion Ratio
|
BlackRock Corporate High Yield Fund VI, Inc. (HYT)
|
|
$12.9229
|
|
N/A
|
BlackRock High Yield Trust (BHY)
|
|
$7.6169
|
|
0.58941105
|
BlackRock Corporate High Yield Fund, Inc. (COY)
|
|
$7.7064
|
|
0.59633674
|
BlackRock Corporate High Yield Fund III, Inc. (CYE)
|
|
$7.9112
|
|
0.61218457
|
BlackRock High Income Shares (HIS)
|
|
$2.2662
|
|
0.17536312
|
BlackRock Corporate High Yield Fund V, Inc. (HYV)
|
|
$13.2674
|
|
1.02665810
|
This communication is not intended to, and shall not, constitute an
offer to purchase or sell shares of any of the BlackRock funds,
including HYT, the surviving fund in the Reorganizations. Investors
should consider the investment objectives, risks, charges and expenses
of their fund(s) carefully and consider in its entirety the Joint Proxy
Statement/Prospectus relating to the Reorganizations which contains
important information regarding the investment objectives and policies,
risks, charges, expenses and other important information about HYT.
About BlackRock
BlackRock is a leader in investment management, risk management and
advisory services for institutional and retail clients worldwide. At
September 30, 2013, BlackRock’s AUM was $4.096 trillion. BlackRock helps
clients meet their goals and overcome challenges with a range of
products that include 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,
2013, the firm had approximately 11,200 employees in 30 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 BlackRock’s website at www.blackrock.com.
Forward-Looking Statements
This press release, and other statements that BlackRock or the Funds may
make, may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act, with respect to the Funds or
BlackRock’s future financial or business performance, strategies or
expectations. Forward-looking statements are typically identified by
words or phrases such as “trend,” “potential,” “opportunity,”
“pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,”
“intention,” “estimate,” “position,” “assume,” “outlook,” “continue,”
“remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar
expressions, or future or conditional verbs such as “will,” “would,”
“should,” “could,” “may” 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 Funds, 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 Funds or in a Fund’s net asset value; (2) the
relative and absolute investment performance of a 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 Dodd-Frank Wall Street
Reform and Consumer Protection Act, and regulatory, supervisory or
enforcement actions of government agencies relating to a 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) BlackRock’s ability to attract and
retain highly talented professionals; (10) the impact of BlackRock
electing to provide support to its products from time to time; and (11)
the impact of problems at other financial institutions or the failure or
negative performance of products at other financial institutions.
Annual and Semi-Annual Reports and other regulatory filings of the Funds
with the Securities and Exchange Commission (“SEC”) are accessible on
the SEC's website at www.sec.gov
and on BlackRock’s website at www.blackrock.com,
and may discuss these or other factors that affect the Funds. The
information contained on BlackRock’s website is not a part of this press
release.
Copyright Business Wire 2013