Filed
by BlackRock California Municipal Income Trust
pursuant
to Rule 425 of the Securities Act of 1933, as amended
and
deemed filed pursuant to Rule 14a-6
under
the Securities and Exchange Act of 1934, as amended
Subject
Company: BlackRock California Municipal Income Trust
Commission
File No. 811-10331
Contact:
1-800-882-0052
BlackRock
Announces Closing of Closed-End Fund Reorganizations
New York, February 1, 2010 –
BlackRock, Inc. today announced that the reorganizations of each of BlackRock
California Municipal Income Trust II (NYSE Amex:BCL), BlackRock California
Insured Municipal Income Trust (NYSE:BCK) and BlackRock California Municipal
Bond Trust (NYSE:BZA) into BlackRock California Municipal Income Trust
(NYSE:BFZ) are effective as of the opening for business of the New York Stock
Exchange on February 1, 2010.
In
the reorganizations, BFZ acquired substantially all of the assets and
liabilities of BCL, BCK and BZA in a tax-free transaction in exchange for an
equal aggregate value of newly-issued common and preferred shares of
BFZ. Common shareholders of BCL, BCK and BZA received common shares
of BFZ in an amount equal to the aggregate net asset value of BCL, BCK and BZA
common shares, as applicable, as determined at the close of business on January
29, 2010, less the costs of the applicable reorganization (although cash was
distributed for any fractional common shares). Preferred shareholders
of BCL, BCK and BZA received preferred shares of BFZ in an amount equal to the
aggregate preferred share liquidation preference held by preferred shareholders
of BCL, BCK and BZA prior to the reorganizations.
Relevant
details pertaining to the reorganizations are as follows:
|
Fund
|
NAV/Share
($)
|
Conversion
Ratio
|
|
BlackRock
California Municipal Income Trust
|
$13.7490
|
N/A
|
|
BlackRock
California Municipal Income Trust II
|
$13.6530
|
0.99301767
|
|
BlackRock
California Insured Municipal Income Trust
|
$13.4116
|
0.97546003
|
|
BlackRock
California Municipal Bond Trust
|
$14.3684
|
1.04505055
|
About
BlackRock
BlackRock
is a leader in investment management, risk management and advisory services for
institutional and retail clients worldwide. At December 31, 2009,
BlackRock’s AUM was $3.346 trillion. BlackRock offers products that
span the risk spectrum to meet clients’ needs, including active, enhanced and
index strategies across markets and asset classes. Products are offered in a
variety of structures including separate accounts, mutual funds, iShares®
(exchange traded funds), and other pooled investment vehicles. BlackRock also
offers risk management, advisory and enterprise investment system services to a
broad base of institutional investors through BlackRock
Solutions®. Headquartered in New York City, as of December 31, 2009,
the firm has approximately 8,500 full-time employees in 24 countries and a major
presence in key global markets, including North and South America, Europe, Asia,
Australia and the Middle East and Africa. For additional information,
please visit the firm’s website at www.blackrock.com.
Forward-Looking
Statements
This
press release, and other statements that BlackRock or BCL, BCK, BZA or BFZ (the
“Funds”) may make, may contain certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with respect to the
future financial or business performance, strategies or
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expectations
of BlackRock or the Funds. 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 neither BlackRock nor
any of the Funds assumes a duty to or undertakes 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 each Fund, the following factors, among others, could cause actual
events to differ materially from forward-looking statements or historical
performance: (1) changes in political, economic or industry conditions, the
interest rate environment or financial and capital markets, which could result
in changes in the Fund’s net asset value, market price and distribution rate;
(2) the performance of the Fund’s investments; (3) the impact of increased
competition; (4) the extent and timing of any distributions or share
repurchases; (5) the impact of legislative and regulatory actions and reforms
and regulatory, supervisory or enforcement actions of government agencies
relating to the Fund or BlackRock, as applicable; and (6) BlackRock’s ability to
attract and retain highly talented professionals.
The
Annual and Semi-Annual Reports and other regulatory filings of the BlackRock
Closed-End Funds with the SEC are accessible on the SEC's web site at www.sec.gov and on BlackRock’s
web site at www.blackrock.com, and may
discuss these or other factors that affect the Closed-End Funds. The information
contained on our web site is not a part of this press release.
The
Joint Proxy Statement/Prospectus relating to the reorganizations contains
important information and shareholders are urged to read it. Free copies of the
Joint Proxy Statement/Prospectus are available by calling BlackRock at
(800) 882-0052 or on the SEC's web site at www.sec.gov.
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