Filed by BlackRock California Municipal Income Trust
II
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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