BlackRock Muni New York Intermediate Duration Fund, Inc. (NYSE: MNE) announces an Equity Buyback for 5% of its outstanding share capital.
September 05, 2019 at 12:00 am EDT
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BlackRock Muni New York Intermediate Duration Fund, Inc. (NYSE: MNE) announces a share repurchase program. Under the program, the company will repurchase its own shares, representing 5% of its outstanding share capital. The purpose of the program is to enhance the shareholder value. The repurchase program will be valid up to November 30, 2020.
BlackRock Muni New York Intermediate Duration Fund, Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund's investment objective is to provide shareholders with high current income exempt from federal income tax and New York State and New York City personal income taxes. The Fund seeks to invest at least 80% of its assets in municipal obligations exempt from federal income tax (except that the interest may be subject to the federal alternative minimum tax) and New York State and New York City personal income taxes. Under normal market conditions, it invests at least 75% of its assets in municipal obligations that are investment-grade quality at the time of investment. Under normal market conditions, it invests at least 80% of its assets in municipal obligations with a duration of 3 to 10 years. The Fund may invest directly in such securities or synthetically through the use of derivatives. The Fund's investment manager is BlackRock Advisors, LLC.