0001193125-21-087724.txt : 20210319 0001193125-21-087724.hdr.sgml : 20210319 20210319172059 ACCESSION NUMBER: 0001193125-21-087724 CONFORMED SUBMISSION TYPE: 425 PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20210319 DATE AS OF CHANGE: 20210319 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST CENTRAL INDEX KEY: 0001181024 IRS NUMBER: 816105964 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 425 SEC ACT: 1934 Act SEC FILE NUMBER: 811-21179 FILM NUMBER: 21759141 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 20020904 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK NEW YORK MUNICIPAL INCOME TRUST III DATE OF NAME CHANGE: 20020816 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW YORK MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001137390 IRS NUMBER: 510409117 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 425 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 425 1 d161421d425.htm BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST BlackRock New York Municipal Income Quality Trust

Filed by BlackRock New York Municipal Income Trust

pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-6

under the Securities Exchange Act of 1934

Subject Company: BlackRock New York Municipal Income Quality Trust

File No. 333-240306

Date: March 19, 2021

 

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Contact:

1-800-882-0052

BlackRock Announces Special Distributions Related to the Reorganization of Three Municipal Closed-End Funds

New York, March 19, 2021 – BlackRock Advisors, LLC today announced the declaration of a special distribution for BlackRock New York Municipal Income Quality Trust (NYSE: BSE), BlackRock New York Municipal Income Trust II (NYSE: BFY), and BlackRock New York Municipal Income Trust (NYSE: BNY and collectively with BSE and BFY, the “Funds,” and each, a “Fund”) in connection with the reorganizations of BSE and BFY into BNY, with BNY continuing (the “Combined Fund”) as the surviving Fund (the “Reorganizations”).

With respect to each of the Funds, the special distribution declared today represents undistributed net investment income earned through the effective date of the Reorganizations. In order to maintain status as a regulated investment company and to avoid the imposition of a corporate level income tax, each of BSE and BFY are required to declare a distribution of all net investment income prior to the consummation of the Reorganizations as described below. Other than the special distribution announced today, BSE and BFY will declare no further distributions prior to or following the Reorganizations. As this special distribution includes all net investment income earned by each Fund in earlier periods and not previously distributed, it is not indicative of the amount of the Combined Fund’s future monthly distributions.

BSE and BFY are declaring a special distribution that will be payable on May 3, 2021. The ex-dividend date for the distribution is April 7, 2021 and the record date is April 8, 2021. Accordingly, persons who are holders of record of BSE or BFY common shares on April 8, 2021 should expect to receive the distribution. The distribution payable to shareholders of BSE or BFY will be paid in cash. Common shares of BSE or BFY acquired after April 6th, 2021 will not be entitled to the distribution.

BNY is declaring a special distribution that will be payable on May 3, 2021. The ex-dividend date for the distribution is April 7, 2021, and the record date is April 8, 2021. Accordingly, persons who are holders of record of BNY common shares on April 8, 2021 should expect to receive the distribution. Common shares of BNY acquired after April 6th, 2021 will not be entitled to the distribution.

Common shares of BSE or BFY acquired after April 6th, 2021 will not be entitled to their respective special distributions and will not be eligible to receive a distribution until an initial distribution is declared on the Combined Fund after the closing of the Reorganizations. We expect that on May 3, 2021 the Combined Fund will declare its first monthly distribution payable on June 1, 2021.

It is currently expected that the Reorganizations will be completed by the open of business on the New York Stock Exchange on April 12, 2021, subject to the satisfaction of customary closing conditions. To facilitate the Merger, all shares of BSE and BFY will cease trading on the NYSE as of market close on Friday, April 9, 2021. Each Reorganization, if completed, would occur based on the relative net asset


values of the common shares of the applicable Funds. Prior to the reorganization, BNY will issue new Variable Rate Demand Preferred Shares (“VRDP Shares”) and redeem its existing Variable Rate Muni Term Preferred Shares (“VMTP”). With the completion of the reorganization, holders of VRDP Shares of each of BSE and BFY would receive on a one-for-one basis VRDP Shares of BNY in an amount equal to the aggregate VRDP Share liquidation preference (including any accumulated and unpaid dividends) held by holders of BSE and BFY VRDP Shares immediately prior to the Reorganizations.

Distribution details are as follows:

Declaration- 3/19/2021     Ex-Date- 4/7/2021    Record- 4/8/2021        Payable- 5/3/2021    

 

Fund

   Ticker        Per-Share Distribution

BlackRock New York Municipal Income Quality Trust

   BSE    $0.0945190

BlackRock New York Municipal Income Trust II

   BFY    $0.1599160

BlackRock New York Municipal Income Trust

   BNY    $0.1181660

This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the BlackRock funds, including BNY, the surviving Fund in the Reorganizations.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock

Availability of Fund Updates

BlackRock will update performance and certain other data for the BlackRock closed-end funds on a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this release.

Forward-Looking Statements

This press release, and other statements that BlackRock or the Funds may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Funds’ or BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

 

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BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or in the Funds’ net asset value; (2) the relative and absolute investment performance of the Funds and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Funds or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.

Annual and Semi-Annual Reports and other regulatory filings of the Funds with the SEC are accessible on the SEC’s website at www.sec.gov and on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the Funds. The information contained on BlackRock’s website is not a part of this press release.

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