BlackRock Announces Shareholder Approval of the Merger of a Municipal Closed-End Fund into a Municipal Open-End Fund

8/23/20

NEW YORK--(BUSINESS WIRE)--BlackRock Advisors, LLC announced today that at a special meeting of shareholders of BlackRock New York Municipal Bond Trust (NYSE:BQH), the requisite shareholders of BQH approved the merger of BQH into BlackRock New York Municipal Opportunities Fund (“MENKX” and together with BQH, the “Funds”), an open-end mutual fund and a series of BlackRock Multi-State Municipal Series Trust, with MENKX being the surviving Fund (the “Merger”). Common shareholders of BAH who become shareholders of MENKX will be permitted to redeem, purchase or exchange shares of MENKX received in the Merger at the then-current net asset value.

It is currently expected that the Merger will be effective with the open for business of the New York Stock Exchange on October 26, 2020, subject to the satisfaction of customary closing conditions and the prior redemption of all of BQH’s outstanding variable rate demand preferred shares. Common shareholders of BQH who become shareholders of MENKX will receive newly issued Investor A Shares of MENKX in the Merger. The aggregate net asset value of MENKX Investor A Shares received by BQH common shareholders will be equal to the aggregate net asset value of the common shares of BQH held by its common shareholders, in each case as of the close of business on the business day immediately prior to the closing date of the Merger.

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