BlackRock Muni Intermediate Duration Fund, Inc. Announces Pricing and Placement of Approximately $28
BlackRock Muni Intermediate Duration Fund, Inc. Announces Pricing and Placement of Approximately $287 Million in Private Offering of Variable Rate Muni Term Preferred Shares
NEW YORK--(BUSINESS WIRE)-- BlackRock Advisors, LLC today announced that BlackRock Muni Intermediate Duration Fund, Inc. (NYSE:MUI, the "Fund") successfully priced and placed Variable Rate Muni Term Preferred Shares ("VMTP") pursuant to an offering exempt from registration under the Securities Act of 1933.
Totaling approximately $287 million in aggregate, the proceeds from the VMTP issuance will be used to redeem all of the Fund's outstanding Variable Rate Demand Preferred Shares ("VRDP"), which is expected to occur on or about December 21, 2012.
In connection with this issuance, BlackRock will post regular portfolio information for the Fund on its public website at www.blackrock.com. This information includes fund holdings (which will be available monthly after a 15-day lag) and asset coverage and leverage ratios (which will be available weekly).
This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.
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.
This press release, and other statements that BlackRock or the Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund 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 Fund, 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 Fund or in the Fund's net asset value; (2) the relative and absolute investment performance of the 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 the 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 the Fund with the Securities and Exchange Commission ("SEC") are accessible on the SEC's website at www.sec.govand on BlackRock's website at www.blackrock.com, and may discuss these or other factors that affect the Fund. The information contained on BlackRock's website is not a part of this press release.
BlackRock Muni Intermediate Duration Fund, Inc.
KEYWORDS: United States North America New York
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