BlackRock funds plan privately issued preferred share placements

By Tali David

Minneapolis, May 17 - BlackRock Advisors, LLC announced that five of its tax-exempt closed-end funds plan to place privately issued preferred shares.

The closing of the shares is expected to be in May or June, according to a press release.

The funds are the BlackRock Virginia Municipal Bond Trust, the BlackRock New Jersey Municipal Bond Trust, the BlackRock Pennsylvania Strategic Municipal Trust, the BlackRock Maryland Municipal Bond Trust and the Massachusetts Health & Education Tax-Exempt Trust.

Proceeds of the placements, together with cash, will fund the redemptions of the funds' $81.28 million of auction-rate preferreds.

BlackRock is an investment management firm based in New York.

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