BlackRock MuniAssets Fund, Inc. (NYSE: MUA) announces an Equity Buyback for 5% of its outstanding share capital.
September 05, 2019 at 12:00 am EDT
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BlackRock MuniAssets Fund, Inc. (NYSE: MUA) 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 MuniAssets Fund, Inc. (the Fund) is a closed-end management investment company. The Fund's investment objective is to provide high current income exempt from federal income taxes by investing primarily in a portfolio of medium- to lower-grade or unrated municipal obligations. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from federal income taxes. The Fund invests approximately 65% of its assets in municipal bonds that are rated in the medium to lower categories by nationally recognized rating services (Baa or lower by Moody's Investors Service, Inc. (Moody's) or BBB or lower by Standard & Poor's Corporation (S&P)) or securities, which are of comparable quality. The Fund invests in a range of sectors, including health, transportation, tobacco, education, utilities, state, corporate, and housing. Investment adviser of the Fund is BlackRock Advisors, LLC.