Certain BlackRock Closed-End Funds Announce Tender Offer in Conjunction with Results of the Quarterly Measurement Period of their Discount Management Programs

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NEW YORK, October 01, 2024--(BUSINESS WIRE)--The BlackRock closed-end funds (the "Funds") listed below announced today the results of the Quarterly Measurement Period (as defined below) under their previously announced discount management programs (the "Programs"). Funds with a Trigger Event (as defined below) at the end of the Quarterly Measurement Period also announced the dates of tender offers. The Programs are part of the Funds’ ongoing efforts to manage discounts and enhance long-term shareholder value and provide liquidity to the market for their common shareholders. There can be no assurances as to the effect that a Program will have on the market for a Fund’s shares or the discount at which a Fund’s shares may trade relative to its NAV.

As previously announced, under the Programs, each Fund intends to offer to repurchase a portion of its outstanding common shares based on 3-month measurement periods (each a "Measurement Period") if the Fund's common shares trade at an average daily discount to net asset value ("NAV") of greater than 7.50% during a Measurement Period (a "Trigger Event"). The Funds’ Measurement Period commenced on July 1, 2024 and ended on September 30, 2024 (the "Quarterly Measurement Period"). The average daily discount to NAV for each of the Funds during the Quarterly Measurement Period is summarized below.

Quarterly Measurement Period Discount Results for the Funds in the Program

Fund Name

Ticker

Average Daily Discount for the Measurement Period ended September 30, 2024

BlackRock Capital Allocation Term Trust

BCAT

-5.47%

BlackRock ESG Capital Allocation Term Trust

ECAT

-6.07%

BlackRock Innovation and Growth Term Trust

BIGZ

-11.83%

BlackRock Health Sciences Term Trust

BMEZ

-11.67%

BlackRock Science and Technology Term Trust

BSTZ

-10.91%

BlackRock Enhanced Global Dividend Trust

BOE

-12.26%

BlackRock Energy and Resources Trust

BGR

-11.28%

BlackRock Enhanced International Dividend Trust

BGY

-11.91%

BlackRock Enhanced Capital and Income Fund

CII

-8.31%

BlackRock Enhanced Equity Dividend Trust

BDJ

-9.72%

BlackRock Science and Technology Trust

BST

-5.41%

BlackRock Health Sciences Trust

BME

-7.63%

BlackRock Resources & Commodities Strategy Trust

BCX

-12.07%

BlackRock MuniVest Fund, Inc.

MVF

-8.27%

BlackRock Utilities, Infrastructure, & Power Opportunities Trust

BUI

-1.02%

The Funds’ Boards of Directors/Trustees (the "Boards") determined that if a Trigger Event occurred during the Quarterly Measurement Period with respect to a Fund, the Fund would offer to repurchase a portion of its outstanding common shares by conducting a tender offer for 2.5% of its outstanding common shares at a price equal to 98% of the Fund’s NAV per share as determined as of the close of the regular trading session of the New York Stock Exchange ("NYSE") on the next day the NAV is calculated after the expiration date of the tender offer or, if the offer is extended, on the next day the NAV is calculated after the day to which the offer is extended. As a result of the occurrence of a Trigger Event during the Quarterly Measurement Period with respect to each of the following Funds, the Board of each such Fund has authorized the Fund’s tender offer with the anticipated commencement and expiration dates outlined below.