NEW YORK–(BUSINESS WIRE)–BlackRock Advisors, LLC (BlackRock (NYSE:)) announced today the final results of BlackRock Municipal Income Fund, Inc. (NYSE: MUI, the Fund) tender offer (a Tender Offer) for up to 50% of its outstanding common shares (the Shares).
The Tender Offers, which expired at 5:00 p.m. Eastern time on November 15, 2024, was oversubscribed.
Therefore, in accordance with the terms and conditions of the Tender Offer, the Fund will purchase Shares from all tendering shareholders on a pro rata basis, after disregarding fractions, based on the number of Shares properly tendered (Pro-Ration Factor). The final results of the Tender Offer are provided in the table below.
|
Fund Name |
Ticker |
CUSIP |
Number of Shares Tendered |
Number of Tendered Shares to be Purchased |
Pro-Ration Factor |
Purchase Price |
|
BlackRock Municipal Income Fund, Inc. |
MUI |
09253X102 |
44,715,010 |
35,996,072 |
0.80505121 |
12.7890 |
Equal to 98% of the Fund’s net asset value per Share as of the close of regular trading on the New York Stock Exchange on November 18, 2024 (the business day immediately following the expiration date of the Tender Offer).
Payments for Shares tendered and accepted are expected to be made within approximately five business days after the expiration date.
Questions regarding the Tender Offer may be directed to Georgeson LLC, the Information Agent for the Tender Offer, toll free at the numbers disclosed in the Fund’s Offer to Purchase.
Conversion to an Unlisted Interval Fund
As previously announced, the Fund will be converting from an exchange-listed, closed-end fund to an unlisted, continuously-offered closed-end fund that conducts periodic repurchases of its shares, also known as an interval fund (the Conversion). The Fund’s Shares will continue to trade on the NYSE until the effective date of the Fund’s delisting from the NYSE, which will be announced at a later date. It is currently expected that the Conversion will occur in the first quarter of 2025, on such date as will be announced by the Fund. Shareholders who continue to hold Shares following the completion of the Tender Offer, but who do not wish to hold Shares of an unlisted interval fund, may sell their Shares in the normal course on the NYSE prior to the effective date of the Fund’s delisting from the NYSE. Please note that, following the Conversion, the Fund’s Shares will no longer trade on a stock exchange and shareholders will therefore have limited options to sell their shares outside of the Fund’s quarterly offers…
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