Three Blackrock municipal trusts to redeem auction-rate preferreds

By Tali Rackner

Norfolk, Va., Oct. 17 – BlackRock Advisors, LLC announced that the BlackRock Municipal 2020 Term Trust, the BlackRock Municipal 2018 Term Trust and the Blackrock Florida Municipal 2020 Term Trust plan to redeem auction-rate preferred shares.

The shares have a liquidation preference of $25,000 per share, according to a press release.

The 2020 term trust will redeem 80 shares, or $2 million, on each of Nov. 6, Nov. 10 and Nov. 12 for a total redemption of $6 million.

The 2018 term trust will redeem 105 shares, or $2,625,000, on each of Nov. 6 and Nov. 17 for a total redemption of $5.25 million.

The Florida 2020 term trust will redeem all 25 shares, or $625,000, on Nov. 10.

BlackRock is an investment management firm based in New York.

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