BlackRock Municipal 2020 Term Trusts Announce Liquidation Details
BlackRock Advisors, LLC today announced details regarding the final liquidation of BlackRock Municipal 2020 Term Trust (NYSE:BKK, CUSIP: 09249X109) and BlackRock Florida Municipal 2020 Term Trust (NYSE:BFO, CUSIP: 09250M109) (each, a “Fund” and together, the “Funds”). BKK has met its investment objective of returning $15 per share (the initial public offering price per common share) to holders of common shares on or about December 31, 2020. BFO did not achieve its investment objective of returning $15.00 per common share on or about December 31, 2020. BFO’s ability to achieve its investment objective was negatively impacted by a confluence of factors, primarily stemming from the 2009 recession and the collapse and prolonged period of low interest rates.
Investors in the Funds should consider the distribution declared today (payable on December 24, 2020), along with the special distributions declared on October 1, 2020 and November 2, 2020 (each, payable on December 22, 2020), as part of the final distribution of proceeds in connection with each Fund’s investment objective. Each Fund’s final liquidating distribution amount is listed below.
BlackRock Municipal 2020 Term Trust (BKK)
Per-share details are as follows:
Special Distribution Declared October 1, 2020 (payable December 22, 2020) |
$0.25900 |
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Special Distribution Declared November 2, 2020 (payable December 22, 2020) |
$0.17800 |
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Final Liquidating Distribution Announced Today (payable December 24, 2020) |
$14.6582 |
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Total Distribution |
$15.0952 |
Since BKK’s inception, the fund’s annualized total return on net asset value was 4.74% and the market price total return was 4.44%.
BlackRock Florida Municipal 2020 Term Trust (BFO)
Per-share details are as follows:
Special Distribution Declared October 1, 2020 (payable December 22, 2020) |
$0.31200 |