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BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST

(BFO)
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BlackRock Florida Municipal 2020 Term Trust : Municipal 2020 Term Trusts Announce Liquidation Details

12/22/2020 | 08:01pm EST

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

Special Distribution Declared November 2, 2020 (payable December 22, 2020)

     

$0.17800

Final Liquidating Distribution Announced Today (payable December 24, 2020)

     

$14.6582

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

Special Distribution Declared November 2, 2020 (payable December 22, 2020)

     

$0.24800

Final Liquidating Distribution Announced Today (payable December 24, 2020)

     

$14.2506

Total Distribution

     

$14.8106

Since BFO’s inception, the fund’s annualized total return on net asset value was 3.90% and the market price total return was 3.78%.

Shareholders may recognize gain or loss for U.S. tax purposes as a result of the liquidation. Gain or loss will generally be measured as the difference between the final liquidating distribution announced today and the shareholders tax basis in the shares of the Fund. BlackRock does not provide tax advice and investors should consult their individual tax adviser regarding the tax treatment applicable to a liquidating distribution and any other payments received in connection with the liquidation.

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, our clients turn to us for the solutions they need when planning for their most important goals. As of September 30, 2020, the firm managed approximately $7.81 trillion in assets on behalf of investors worldwide. 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 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 a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Fund’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 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 a Fund’s net asset value; (2) the relative and absolute investment performance of a Fund 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 a Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities 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 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 Funds. The information contained on BlackRock’s website is not a part of this press release.


© Business Wire 2020
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Managers and Directors
John M. Perlowski President, Chief Executive Officer & Trustee
Neal J. Andrews Chief Financial Officer
Richard E. Cavanagh Co-Chairman-Trustees Board
Karen P. Robards Co-Chairman-Trustees Board
Charles C. S. Park Chief Compliance Officer