BlackRock MuniYield New York Quality Fund, Inc. announces an Equity Buyback for 5% of its issued share capital.
September 27, 2021 at 05:00 am
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BlackRock MuniYield New York Quality Fund, Inc. (NYSE:MYN) announces a share repurchase program. Under the program, the company will repurchase up to 5% of its outstanding common shares (based on common shares outstanding on November 30, 2020. The purpose of the program is to enhance shareholder value by purchasing Fund shares trading at a discount from their net asset value (“NAV”) per share, which could result in incremental accretion to a Fund’s NAV. The repurchases will commence from December 1, 2021, and be valid till November 30, 2022.
BlackRock MuniYield New York Quality Fund, Inc. (the Fund) is a closed-end management investment company. The Fund's investment objective is to provide shareholders with as high a level of current income exempt from the United States federal income taxes and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from the United States federal income taxes (except that the interest may be subject to the United States federal alternative minimum tax) and New York State and New York City personal income taxes. Under normal market conditions, it invests primarily in long-term municipal obligations that are investment grade quality at the time of investment. It may invest directly in securities or synthetically using derivatives. The Fund's investment advisor is BlackRock Advisors, LLC.