By Stephanie N. Rotondo
Portland, Ore., March 22 - BlackRock New York Municipal Income Trust issued $94.5 million of variable-rate muni term preferred shares, according to a press release out Thursday.
The sale was part of a $579 million offering of preferreds by four tax-exempt closed-end funds managed by BlackRock Advisors LLC.
Proceeds from the sale will be used to redeem outstanding auction-rate preferreds.
The fund is based in New York.
| Issuer: | BlackRock New York Municipal Income Trust
|
| Securities: | Variable-rate muni term preferred shares
|
| Amount: | $94.5 million
|
| Pricing date: | March 22
|
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