BlackRock Advisors, LLC announced today that the Boards of
Directors/Trustees of each of BlackRock Senior High Income Fund, Inc.
(NYSE:ARK), BlackRock Strategic Bond Trust (NYSE:BHD) and BlackRock Debt
Strategies Fund, Inc. (NYSE:DSU) have approved the reorganization of
each of ARK and BHD into DSU, with DSU continuing as the surviving fund
(each, a "Reorganization").
It is currently expected that each Reorganization will be completed in
late 2013, subject to required shareholder approvals and the
satisfaction of applicable regulatory requirements and other customary
closing conditions. In connection with and contingent upon shareholder
approval of at least one of the Reorganizations, the Board of Directors
of DSU also approved an increase in the amount of DSU's authorized
shares by 200 million shares. Approval of each Reorganization is not
contingent upon approval of any other Reorganization.
Additional Information about the Reorganizations and Where to Find It
This press release is not intended to, and does not, constitute an offer
to purchase or sell shares of any of ARK, BHD and DSU (the "Funds"); nor
is this press release intended to solicit a proxy from any shareholder
of any of the Funds. The solicitation of the purchase or sale of
securities or of proxies to effect each Reorganization will only be made
by a final, effective Registration Statement, which includes a
definitive Joint Proxy Statement/Prospectus, after the Registration
Statement is declared effective by the Securities and Exchange
Commission (the "SEC").
This press release references a Registration Statement, which includes a
Joint Proxy Statement/Prospectus, to be filed by the Funds. This
Registration Statement has yet to be filed with the SEC. After the
Registration Statement is filed with the SEC, it may be amended or
withdrawn and the Joint Proxy Statement/Prospectus will not be
distributed to shareholders of the Funds unless and until the
Registration Statement is declared effective by the SEC.
The Funds and their respective trustees, officers and employees, and
BlackRock, and its shareholders, officers and employees and other
persons may be deemed to be participants in the solicitation of proxies
with respect to the Reorganizations. Investors and shareholders may
obtain more detailed information regarding the direct and indirect
interests of the Funds' respective trustees, officers and employees, and
BlackRock and its shareholders, officers and employees and other persons
by reading the Joint Proxy Statement/Prospectus relating to the
Reorganizations when it is filed with the SEC.
INVESTORS AND SECURITY HOLDERS OF THE FUNDS ARE URGED TO READ THE JOINT
PROXY STATEMENT/PROSPECTUSES AND OTHER DOCUMENTS FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THESE
DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE REORGANIZATIONS.
INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND
EXPENSES OF THE FUNDS CAREFULLY. THE JOINT PROXY STATEMENT/PROSPECTUSES
WILL CONTAIN INFORMATION WITH RESPECT TO THE INVESTMENT OBJECTIVES,
RISKS, CHARGES AND EXPENSES OF THE FUNDS AND OTHER IMPORTANT INFORMATION
ABOUT THE FUNDS. The Joint Proxy Statement/Prospectus will not
constitute an offer to sell securities, nor will it constitute a
solicitation of an offer to buy securities, in any state where such
offer or sale is not permitted.
Security holders may obtain free copies of the Registration Statement
and Joint Proxy Statement/Prospectus and other documents (when they
become available) filed with the SEC at the SEC's web site at www.sec.gov.
In addition, free copies of the Joint Proxy Statement/Prospectus and
other documents filed with the SEC may also be obtained after each
Registration Statement becomes effective by directing a request to
BlackRock at (800) 882-0052.
BlackRock is a leader in investment management, risk management and
advisory services for institutional and retail clients worldwide. At
March 31, 2013, BlackRock's AUM was $3.936 trillion. BlackRock helps
clients meet their goals and overcome challenges with a range of
products that include 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 March 31, 2013,
the firm has approximately 10,600 employees in 30 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 BlackRock's website at www.blackrock.com.
This press release, and other statements that BlackRock or the Funds may
make, may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act, with respect to the Fund 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 a Fund or in a Fund's net asset value; (2) the
relative and absolute investment performance of the 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 the 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 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
BlackRock Closed-End Funds