BlackRock MuniAssets Fund, Inc.(NYSE:MUA) announces an Equity Buyback for 5% of its issued share capital.
September 27, 2021 at 05:00 am
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BlackRock MuniAssets Fund, Inc.(NYSE:MUA) announces a share repurchase program. Under the program, the company will repurchase up to 5% of its outstanding common shares. The purpose of the program is to enhance shareholder value. The repurchase program will commence on December 1, 2021. The program will expire on November 30, 2022.
BlackRock MuniAssets Fund, Inc. (the Fund) is a closed-end management investment company. The Fund's investment objective is to provide high current income exempt from federal income taxes by investing primarily in a portfolio of medium- to lower-grade or unrated municipal obligations. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from federal income taxes. The Fund invests approximately 65% of its assets in municipal bonds that are rated in the medium to lower categories by nationally recognized rating services (Baa or lower by Moody's Investors Service, Inc. (Moody's) or BBB or lower by Standard & Poor's Corporation (S&P)) or securities, which are of comparable quality. The Fund invests in a range of sectors, including health, transportation, tobacco, education, utilities, state, corporate, and housing. Investment adviser of the Fund is BlackRock Advisors, LLC.