BJZ Blackrock California Municipal 2018 Term Trust Blackrock California Municipal 2018 Term Trust (delisted)

BlackRock Advisors, LLC today announced that (i) BlackRock Municipal 2020 Term Trust (NYSE:BKK), BlackRock New York Municipal 2018 Term Trust (NYSE:BLH), BlackRock Municipal 2018 Term Trust (NYSE:BPK) and BlackRock Florida Municipal 2020 Term Trust (NYSE:BFO) each provided a notice of the redemption of a portion of its issued and outstanding auction rate preferred shares (“ARPS”) and (ii) BlackRock California Municipal 2018 Term Trust (NYSE: BJZ) provided a notice of the redemption of all of its issued and outstanding ARPS.

The redemptions announced today, which total $15.1 million in ARPS, will be conducted at a liquidation preference of $25,000 per share, together with accrued and unpaid dividends thereon to the redemption date, if applicable. When taken together with previously announced redemptions of ARPS by BlackRock closed-end funds, these redemptions total approximately $9.70 billion across BlackRock taxable and tax-exempt closed-end funds (approximately 98.7% of the total ARPS outstanding as of February 2008).

With respect to the partial redemptions announced by BKK, BLH, BPK and BFO, the Depository Trust Company (DTC), the holder of record for the ARPS, determines by random lottery how the partial redemption will be allocated among each participant broker-dealer account that holds ARPS and each participant broker-dealer determines how to allocate each partial redemption among its respective ARPS holders.

Please see redemption details for each Fund’s respective series of ARPS below.

BJZ:

                      Series   CUSIP   Redemption Date  

Total Shares

to be

Redeemed

 

Aggregate Principal

Amount to be

Redeemed

M-7   09249C204   June 10, 2014   99   $2,475,000

(Represents 100% of BJZ’s ARPS currently outstanding)

 

BKK:

                      Series   CUSIP   Redemption Date  

Total Shares

to be

Redeemed

 

Aggregate Principal

Amount to be

Redeemed

F-7   09249X406   June 9, 2014   110   $2,750,000 M-7   09249X208   June 10, 2014   110   $2,750,000 W-7   09249X307   June 5, 2014   110   $2,750,000

(Represents 12.1% of BKK’s ARPS currently outstanding)

 

BLH:

                      Series   CUSIP   Redemption Date  

Total Shares

to be

Redeemed

 

Aggregate Principal

Amount to be

Redeemed

T-7   09248K207   June 11, 2014   75   $1,875,000

(Represents 11.4% of BLH’s ARPS currently outstanding)

 

BPK:

                      Series   CUSIP   Redemption Date  

Total Shares

to be

Redeemed

 

Aggregate Principal

Amount to be

Redeemed

R-7   09248C304   June 6, 2014   15   $375,000 W-7   09248C205   June 5, 2014   15   $375,000

(Represents 1.3% of BPK’s ARPS currently outstanding)

 

BFO:

                      Series   CUSIP   Redemption Date  

Total Shares

to be

Redeemed

 

Aggregate Principal

Amount to be

Redeemed

F-7   09250M208   June 9, 2014   70   $1,750,000

(Represents 73.7% of BFO’s ARPS currently outstanding)

 

About BlackRock

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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 a Fund 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.

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