BlackRock Advisors, LLC (“BlackRock”) announced today name
changes for five BlackRock closed-end funds with contingent limited
terms (each, a “Trust”). The name changes are being made to
increase awareness of the contingent limited term structure and the
fact that there will be a liquidity event at net asset value for
Trust shareholders, either at the Dissolution Date (as indicated
below) or in connection with an Eligible Tender Offer (as discussed
below). These name changes will be effective on or around April 5,
2023. Each Trust will continue to trade on the NYSE under its
current ticker symbol. There are no changes to the Trusts’
investment policies or strategies in conjunction with the name
changes.
NYSE Ticker
CUSIP
Current Fund Name
New Fund Name
Dissolution Date1
BSTZ
09260K101
BlackRock Science and Technology Trust
II
BlackRock Science and Technology Term
Trust
6/26/2031
BMEZ
09260E105
BlackRock Health Sciences Trust II
BlackRock Health Sciences Term Trust
1/29/2032
BCAT
09260U109
BlackRock Capital Allocation Trust
BlackRock Capital Allocation Term
Trust
9/27/2032
BIGZ
09260Q108
BlackRock Innovation and Growth Trust
BlackRock Innovation and Growth Term
Trust
3/25/2033
ECAT
09262F100
BlackRock ESG Capital Allocation Trust
BlackRock ESG Capital Allocation Term
Trust
9/27/2033
1 In accordance with each Trust’s
Agreement and Declaration of Trust, each Trust intends to dissolve
as of the first business day following the twelfth anniversary of
the effective date of the Trust’s initial registration statement
(the “Dissolution Date”), provided that the Board may, without
shareholder approval, vote to extend the Dissolution Date: (i) once
for up to one year, and (ii) once for up to an additional six
months, to a date up to and including eighteen months after the
initial Dissolution Date (which date shall then become the
Dissolution Date). Within twelve months prior to the Dissolution
Date at the discretion of a Trust’s Board, the Trust may conduct a
tender offer to purchase 100% of the then outstanding common shares
at a price equal to the NAV per common share on the expiration date
of the tender offer (an “Eligible Tender Offer”). The Trust must
have at least $200 million of aggregate net assets immediately
following the completion of an Eligible Tender Offer to ensure the
continued viability of the Trust. Following the completion of an
Eligible Tender Offer, the Board may vote to eliminate the
Dissolution Date without shareholder approval and provide for the
Trust’s perpetual existence. If an Eligible Tender Offer would
result in the Trust having aggregate net assets below $200 million,
the Eligible Tender Offer will be canceled and the Trust will
dissolve on its Dissolution Date.
Additional Fund
Information
BSTZ takes a unique approach to investing in the
technology sector by blending “next generation” technology stocks
and private investments along with a tactical single-stock
option-writing strategy.
Quarterly Commentary: BSTZ
BMEZ takes a unique approach to investing in the
healthcare sector by blending “next generation” healthcare stocks
and private investments along with a tactical single-stock
option-writing strategy.
Quarterly Commentary: BMEZ
BCAT has an unconstrained approach with the ability to
invest in public and private markets across different asset
classes.
Quarterly Commentary: BCAT
BIGZ takes a unique approach to investing in innovation.
The Trust will invest primarily in equity securities issued by mid-
and small-capitalization companies that the adviser believes has
above-average earnings growth potential.
Quarterly Commentary: BIGZ
ECAT has an unconstrained approach with the ability to
invest in public and private markets across different asset
classes, looking to identify untapped growth opportunities tied to
the evolution of environmental, social, and governance (“ESG”).
Quarterly Commentary: ECAT
For more information on BlackRock’s closed-end funds, please
visit www.blackrock.com/CEF
Investing involves risk, including the possible loss of the
principal.
Carefully consider each Trust’s investment objective, risk
factors, and charges and expenses before investing.
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
Availability of Trust Updates
BlackRock will update performance and certain other data for the
Trusts 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
Trusts. This reference to BlackRock’s website is intended to allow
investors public access to information regarding the Trusts 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 a
Trust may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to a Trust’s 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.
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 Trusts, 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 Trusts or
in a Trust’s net asset value; (2) the relative and absolute
investment performance of a Trust 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, and regulatory, supervisory or
enforcement actions of government agencies relating to a Trust 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 Trusts with the Securities and Exchange Commission (“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 Trusts. The information
contained on BlackRock’s website is not a part of this press
release.
NOT FDIC INSURED │ MAY LOSE VALUE │ NO BANK GUARANTEE
Prepared by BlackRock Investments, LLC, member FINRA
© 2023 BlackRock, Inc. or its affiliates. All Rights Reserved.
BLACKROCK is a trademark of BlackRock, Inc. or its
affiliates. All other trademarks are those of their respective
owners.
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