Certain BlackRock Closed-End Funds Announce Partial Redemption of Auction Rate Preferred Shares

  Certain BlackRock Closed-End Funds Announce Partial Redemption of Auction
  Rate Preferred Shares

Business Wire

NEW YORK -- January 8, 2013

BlackRock Advisors, LLC today announced the redemption of a portion of the
issued and outstanding auction rate preferred shares (“ARPS”) by BlackRock
Municipal 2018 Term Trust (NYSE:BPK), BlackRock Florida Municipal 2020 Term
Trust (NYSE:BFO) and BlackRock Municipal 2020 Term Trust (NYSE:BKK)
(collectively, the “Funds”).

The redemptions announced today, which total approximately $17.45 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 $9.47
billion across BlackRock taxable and tax-exempt closed-end funds
(approximately 96.4% of the total ARPS outstanding as of February 2008).

The Depository Trust Company (DTC), the holder of record for the ARPS,
determines by random lottery how the redemption will be allocated among each
participant broker-dealer account that holds ARPS and each participant
broker-dealer determines how to allocate each redemption among its respective
ARPS holders.

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

BPK:                                                     
 Series    CUSIP        Redemption     Total       Aggregate
                               Date              Shares         Principal
                                              to be          Amount to be
                                    Redeemed    Redeemed
 R-7       09248C304    February 1,    40          $1,000,000
                               2013
 W-7       09248C205    January 31,    40          $1,000,000
                               2013
                                                                

BFO:                                             
 Series    CUSIP        Redemption     Total       Aggregate
                               Date              Shares         Principal
                                              to be          Amount to be
                                    Redeemed    Redeemed
 F-7       09250M208    January 28,    540         $13,500,000
                               2013
                                                                

BKK:                                             
 Series    CUSIP        Redemption     Total       Aggregate
                               Date              Shares         Principal
                                              to be          Amount to be
                                    Redeemed    Redeemed
 F-7       09249X406    January 28,    26          $650,000
                               2013
 M-7       09249X208    January 29,    26          $650,000
                               2013
 W-7       09249X307    January 31,    26          $650,000
                               2013
                                                                

BlackRock will continue to keep market participants and shareholders informed
of its closed-end funds’ progress to redeem ARPS via press releases and on
BlackRock’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,
2012, BlackRock’s AUM was $3.673 trillion. BlackRock offers products that span
the risk spectrum to meet clients’ 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, 2012, the firm has approximately 10,400
employees in 29 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 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.

Contact:

BlackRock Closed-End Funds
1-800-882-0052
 
Press spacebar to pause and continue. Press esc to stop.