BlackRock MuniVest Fund II, Inc. (NYSE: MVT) announces an Equity Buyback for 5% of its outstanding share capital.
November 15, 2018 at 12:00 am EST
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BlackRock MuniVest Fund II, Inc. (NYSE: MVT) 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, 2019.
BlackRock MuniVest Fund II, Inc. (the Fund) is a closed-end management investment company. The Fund focuses on investing at least 80% of its assets in municipal bonds exempt from United States (U.S.) federal income taxes. The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds that are rated investment grade or, if unrated, are deemed to be of comparable quality by the investment adviser at the time of investment and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives. The Company invests in various sectors, such as transportation, utilities, health, state, tobacco, education, corporate and housing. The Fundâs investment advisor is BlackRock Advisors, LLC.