BlackRock New Jersey issues $59.1 million variable-rate preferreds

By Wendy Van Sickle

Columbus, Ohio, May 17 – BlackRock Advisors, LLC said that BlackRock New Jersey Municipal Income Trust issued $59.1 million variable-rate demand preferred shares in a private placement.

The proceeds will be used to redeem the issuer’s outstanding variable rate muni term preferred shares on May 31.

It is expected that the reorganizations of BlackRock New Jersey Municipal Income Trust and BlackRock New Jersey Municipal Bond Trust with and into BlackRock MuniYield New Jersey Fund, Inc. (NYSE: MYJ), which will continue as the surviving fund, will be effective with the open for business of the New York Stock Exchange on June 11, according to a press release Thursday.

BlackRock is an investment management firm based in New York.

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