BlackRock Municipal Income Fund, Inc. (MUI) Announces Tender Offer Contingent Upon Approval of Conversion of MUI to Unlisted Closed-End Interval Fund Structure

BlackRock Advisors, LLC (“BlackRock”) announced today that the Board of Directors (the “Board”) of BlackRock Municipal Income Fund, Inc. (NYSE: MUI, the “Fund”) has approved a tender offer to repurchase 50% of the Fund’s outstanding common shares at a price per share equal to 98% of the Fund’s net asset value per common share determined following the expiration of the tender offer (the “Tender Offer”). The Tender Offer is contingent on obtaining all approvals for the conversion of the Fund from an exchange-listed closed-end fund to an unlisted closed-end fund that conducts periodic repurchases of it shares pursuant to Rule 23c-3 under the Investment Company Act of 1940 (the “Conversion”) by December 31, 2024.

It is currently expected that the Conversion will be completed in the second half of 2024, subject to, among other things: obtaining the requisite approvals from the Board and the Fund’s shareholders, and the redemption of the Fund’s preferred shares.

The Tender Offer and the Conversion are being proposed pursuant to an agreement (the “Agreement”) among the Fund, BlackRock and Karpus Management, Inc. (“Karpus”). During the effective period of the Agreement, Karpus has agreed to (1) be bound by the terms of the Agreement, including certain customary standstill covenants, (2) withdraw the shareholder proposals and director nominees previously submitted for consideration at the Fund’s 2024 annual meeting of shareholders, and (3) vote Fund shares on proposals submitted to shareholders in accordance with the recommendation of the Board.

IMPORTANT NOTICE

This press release is for informational purposes only and shall not constitute an offer or a solicitation to buy any common shares. Any offer to purchase Fund common shares will be made pursuant to an offer on Schedule TO. IF THE TENDER OFFER IS CONDUCTED, COMMON SHAREHOLDERS ARE URGED TO READ THE TENDER OFFER MATERIALS, INCLUDING THE OFFER TO PURCHASE AND ANY SOLICITATION/RECOMMENDATION STATEMENT REGARDING THE TENDER OFFER, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, WHEN THEY ARE FILED AND BECOME AVAILABLE, BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF COMMON SHARES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Common shareholders may obtain a free copy of any of these statements and other documents filed with the U.S. Securities and Exchange Commission ("SEC") at the website maintained by the SEC at www.sec.gov or by directing such requests to the Fund.