BlackRock Closed-End Term Trusts Review of Liquidity for Outstanding Auction Rate Preferred Shares

  BlackRock Closed-End Term Trusts Review of Liquidity for Outstanding Auction
  Rate Preferred Shares

Business Wire

NEW YORK -- February 12, 2013

On January 2, 2013, each of BlackRock Municipal 2018 Term Trust (NYSE: BPK),
BlackRock California Municipal 2018 Term Trust (NYSE: BJZ), BlackRock New York
Municipal 2018 Term Trust (NYSE: BLH), BlackRock Municipal 2020 Term Trust
(NYSE: BKK) and BlackRock Florida Municipal 2020 Term Trust (NYSE: BFO),  the
five BlackRock closed-end term trusts with auction rate preferred shares
(“ARPS”) outstanding (the “Term Trusts”), announced partial redemptions of
their respective ARPS. On January 8, 2013, BFO, BKK and BLH announced
additional partial redemptions of their respective ARPS.

Term Trusts are a unique sub-set of closed-end funds which have (i) a defined
maturity date at which time the Term Trust will liquidate and distribute
proceeds to investors and (ii) an investment objective to seek to (a) provide
current income exempt from regular Federal income tax (and state income tax,
as applicable) and (b) return the Term Trust’s initial public offering price
to common shareholders on or about the Term Trust’s stated maturity date. With
respect to BPK, BJZ and BLH, the stated maturity is on or about December 31,
2018; with respect to BKK and BFO, the stated maturity is on or about December
31, 2020. In all cases, the initial public offering price target for each Term
Trust is $15.00 per common share.

The structure and objectives of a Term Trust involve additional factors that
the Boards of Trustees of the Term Trusts (the "Boards") and BlackRock
continually consider as they evaluate options to provide liquidity to ARPS
holders. These factors include, among others, the current cost, terms and
availability of alternative financing for the Term Trusts and the
consideration of any potential impact an ARPS-related action may have on a
Term Trust’s ability to achieve its investment objectives (including the
objective of returning the initial public offering price to common
shareholders at maturity).

With consideration of these unique factors in the context of each Term Trust’s
portfolio and current and projected market conditions, BlackRock and the
Boards currently intend to provide liquidity to ARPS holders from time-to-time
over the remaining term of each Term Trust consistent with the best interest
of each Term Trust and its shareholders. The amount and timing of such
liquidity will likely differ for each Term Trust and are expected to be
influenced by, among other factors, the amount and timing of securities that
mature at par and securities that are called by their issuers prior to their
maturity dates. BlackRock and the Boards continue to actively evaluate options
to provide liquidity to ARPS holders and may in the future continue to
determine to provide liquidity in advance of a Term Trust’s scheduled maturity
date, although there is no guarantee that liquidity will be provided for all
or a portion of a particular Term Trust’s ARPS before such time. If liquidity
for ARPS is not provided sooner, each Term Trust will provide liquidity for
all ARPS then outstanding at its respective maturity.

Since February 2008, BlackRock and the Boards have been able to provide
liquidity of ARPS totaling approximately $9.47 billion across taxable and
tax-exempt closed-end funds (approximately 96.4% of the total ARPS
then-outstanding). BlackRock will continue to keep market participants and
shareholders informed of each Term Trust’s progress to provide liquidity for
ARPS via press releases and on BlackRock’s website at

About BlackRock

BlackRock is a leader in investment management, risk management and advisory
services for institutional and retail clients worldwide. At December 31, 2012,
BlackRock’s AUM was $3.792 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 December 31, 2012, the firm has approximately 10,500
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

Forward-Looking Statements

This press release, and other statements that BlackRock or the Term Trusts may
make, may contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act, with respect to the Term Trusts 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

With respect to the Term Trusts, 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
Term Trusts or in a Term Trust’s net asset value; (2) the relative and
absolute investment performance of a Term Trust 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 Term
Trust 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 Term Trust
with the Securities and Exchange Commission (“SEC”) are accessible on the
SEC's website at  and on BlackRock’s website at,
and may discuss these or other factors that affect the Term Trusts. The
information contained on BlackRock’s website is not a part of this press


BlackRock Closed-End Term Trusts
Press spacebar to pause and continue. Press esc to stop.