BlackRock Corporate High Yield Fund, Inc. Announces Results of Its Rights Offering
14 Ottobre 2022 - 2:45PM
Business Wire
BlackRock Corporate High Yield Fund, Inc. (NYSE: HYT) (the
"Fund") today announced the successful completion of its
transferable rights offer (“the Offer”). The Offer commenced on
September 20, 2022, and expired on October 13, 2022.
The Offer entitled rights holders to subscribe for up to an
aggregate of 24,463,440 shares of the Fund’s common stock, par
value of $0.10 per share (“Common Share”). The final subscription
price of $8.23 per Common Share was determined based upon the
formula equal to 90% of the Fund’s net asset value per share of
Common Shares at the close of trading on the NYSE on the expiration
date. The Common Shares subscribed for will be issued promptly
after completion and receipt of all shareholder payments.
The Offer is expected to result in the issuance of more than
20.3 million Common Shares (including notices of guaranteed
delivery), resulting in anticipated gross proceeds to the Fund of
approximately $168 million. The Fund will receive the entire
proceeds of the Offer since BlackRock Advisors, LLC, the Fund’s
investment adviser, has agreed to pay all expenses related to the
Offer. The Fund intends to invest the proceeds of the Offer in
accordance with its investment objectives and policies.
This document is not an offer to sell any securities and is
not soliciting an offer to buy any securities in any jurisdiction
where the offer or sale is not permitted. This document is not an
offering, which can only be made by a prospectus. Investors should
consider the Fund’s investment objectives, risks, charges and
expenses carefully before investing. The Fund’s prospectus
supplement and accompanying prospectus will contain this and
additional information about the Fund and additional information
about the Offer, and should be read carefully 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 | Twitter: @blackrock |
Blog: www.blackrockblog.com | 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.
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 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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