Tender Offer - BlackRock Health Sciences Term Trust
Form Type: SC TO-I
Filing Date: 2025-03-21
Corporate Action: Tender-offer
Type: New
Accession Number: 000119312525060100
Filing Summary: BlackRock Health Sciences Term Trust has announced an issuer tender offer to purchase 40% of its issued and outstanding common shares of beneficial interest. The offer price is set at 99.5% of the net asset value per share as determined on the pricing date, which will be the day after the offer expires. The offer is made under the Securities Exchange Act of 1934 and was publicly issued on March 21, 2025. The offer promotes shareholder liquidity and is aimed at reducing the total number of shares outstanding for the trust. The specifics of the offer, including purchase procedures, conditions, and payment details, are indicated in the Offer to Purchase document, which is part of this filing. There are 101,255,117 shares currently outstanding as of March 14, 2025, and the shares are traded on the NYSE. This issuer tender offer reflects strategic objectives to manage the fund's assets and respond to market conditions.
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Additional details:
Title Of Class Of Securities: Common Shares of Beneficial Interest
Cusip Number Of Class Of Securities: 09260E105
Issued And Outstanding Shares: 101,255,117
Purchase Price Percentage Of Nav: 99.5%
Form Type: SC TO-C
Filing Date: 2025-01-21
Corporate Action: Tender-offer
Type: New
Accession Number: 000119312525009582
Filing Summary: On January 21, 2025, BlackRock Health Sciences Term Trust announced the approval of a tender offer to repurchase 40% of its outstanding shares at a price equal to 99.5% of the Fund's net asset value per common share, determined after the expiration of the offer. This tender offer is part of an agreement between BlackRock and Saba Capital Management, L.P., which will expire after the 2027 proxy season. Concurrently, the board approved the cancellation of previous tender offers and terminated an announced discount management program. Stakeholders are encouraged to review the tender offer materials upon their release, as they contain critical information.
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Additional details:
Name Of Subject Company: BlackRock Health Sciences Term Trust
Names Of Filing Persons: BlackRock Health Sciences Term Trust
Title Of Class Of Securities: Common Shares of Beneficial Interest
Cusip Number: 09260E105
Contact Person: John M. Perlowski
Contact Address: 50 Hudson Yards New York, New York 10001
Contact Phone: 1-800-441-7762
Legal Counsel: Margery K. Neale, Esq. Willkie Farr & Gallagher LLP
Legal Counsel Address: 787 Seventh Avenue New York, New York 10019
Additional Legal Counsel: Janey Ahn, Esq. BlackRock Advisors, LLC
Offer To Repurchase Percentage: 40%
Form Type: SCHEDULE 13D/A
Filing Date: 2025-01-21
Corporate Action: Tender-offer
Type: Update
Accession Number: 000106299325000932
Filing Summary: On January 20, 2025, Saba Capital Management, L.P. entered into a standstill agreement with BlackRock Health Sciences Term Trust, under which the Issuer agreed to commence a cash tender offer to purchase 40% of its outstanding Common Shares at a price equal to 99.5% of the Issuer's net asset value per share. Saba Capital agreed to tender the Common Shares owned by it and other funds managed by Saba Capital. The Agreement includes customary standstill provisions, which remain in effect until certain conditions are met, specifically tied to shareholder meetings and the completion of the tender offer. In conjunction with this agreement, Saba Capital withdrew a previously submitted shareholder proposal. The document also details the Reporting Persons involved in the filing, their affiliations, and the beneficial ownership of the Common Shares.
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Additional details:
Reporting Persons: [{"name":"Saba Capital Management, L.P.","type":"investment manager"},{"name":"Saba Capital Management GP, LLC","type":"general partner"},{"name":"Boaz R. Weinstein","type":"managing member"}]
Total Amount Paid: $310,584,392
Common Shares Outstanding: 103,851,402
Tender Offer Percentage: 40%
Tender Offer Price: 99.5% of net asset value
Agreement Eff Duration: until earliest of completion of 2027 annual meeting or August 31, 2027
Form Type: SC TO-C
Filing Date: 2025-01-03
Corporate Action: Tender-offer
Type: New
Accession Number: 000119312525000818
Filing Summary: On January 2, 2025, BlackRock Health Sciences Term Trust announced the initiation of a tender offer for its common shares. The tender offer is part of the Funds' strategy to manage discounts to net asset value (NAV) and enhance shareholder value. The quarterly measurement period concluded on December 31, 2024, and during this time, BlackRock Health Sciences Term Trust experienced an average daily discount of -10.90% to NAV, which constitutes a Trigger Event. Consequently, the Board has authorized the repurchase of 2.5% of its outstanding common shares at a price equal to 98% of the Fund's NAV per share. The tender offer is set to commence on January 21, 2025, and will expire on February 20, 2025, unless extended. Shareholders are encouraged to review the detailed materials related to the tender offer as they become available.
Document Link: View Document
Additional details:
Title Of Class Of Securities: Common Shares of Beneficial Interest
Cik Number: 09260E105
Average Daily Discount: -10.90%
Tender Offer Price: 98% of the Fund's NAV per share
Tender Offer Commencement Date: 2025-01-21
Tender Offer Expiration Date: 2025-02-20
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