By Stephanie N. Rotondo
Phoenix, June 14 - Massachusetts Health & Education Tax Exempt Trust priced and placed $18.5 million of preferred shares, according to a press release issued Thursday.
The sale was part of a larger private placement done by parent BlackRock Advisors LLC, in which five tax-exempt closed-end funds sold preferreds for total proceeds of $81 million.
Proceeds will be used to redeem the fund's outstanding auction-rate preferred shares. The redemption is expected to be announced Friday.
New York-based BlackRock provides investment management, risk management and advisory services for institutional and retail clients.
| Issuer: | Massachusetts Health & Education Tax Exempt Trust
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| Securities: | Preferred shares
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| Amount: | $18.5 million
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| Pricing date: | June 14
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| Distribution: | Private placement
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