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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 -- July 11, 2013

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

The redemptions announced today, which total $41.375 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 $9.54 billion across
BlackRock taxable and tax-exempt closed-end funds (approximately 97.1% 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 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:
                                                Total        Aggregate
  Series   CUSIP       Redemption       Shares     Principal
                             Date               to be        Amount to be
                                                Redeemed     Redeemed
    M-7      09249C204   August 6, 2013   56         $1,400,000
   (Represents 3.4% of BJZ’s ARPS currently outstanding)
    
BKK:
                                                Total        Aggregate
    Series   CUSIP       Redemption       Shares     Principal
                             Date               to be        Amount to be
                                                Redeemed     Redeemed
    F-7      09249X406   August 5, 2013   413        $10,325,000
    M-7      09249X208   August 6, 2013   413        $10,325,000
    W-7      09249X307   August 1, 2013   413        $10,325,000
   (Represents 20.0% of BKK’s ARPS currently outstanding)
    
BLH:
                                                Total        Aggregate
    Series   CUSIP       Redemption       Shares     Principal
                             Date               to be        Amount to be
                                                Redeemed     Redeemed
    T-7      09248K207   July 31, 2013    136        $3,400,000
   (Represents 13.2% of BLH’s ARPS currently outstanding)
    
BPK:
                                                Total        Aggregate
    Series   CUSIP       Redemption       Shares     Principal
                             Date               to be        Amount to be
                                                Redeemed     Redeemed
    W-7      09248C205   August 1, 2013   112        $2,800,000
    R-7      09248C304   August 2, 2013   112        $2,800,000
   (Represents 6.5% of BPK’s ARPS currently outstanding)


About BlackRock

BlackRock is a leader in investment management, risk management and advisory
services for institutional and retail clients worldwide. At March 31, 2013,
BlackRock’s AUM was $3.936 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
March 31, 2013, the firm has approximately 10,600 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 the Funds and their 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 the Funds 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.

Contact:

BlackRock Closed-End Funds
1-800-882-0052
 
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