Tender Offer - BlackRock Innovation & Growth Term Trust
Form Type: SC TO-C
Filing Date: 2025-01-21
Corporate Action: Tender-offer
Type: New
Accession Number: 000119312525009580
Filing Summary: On January 21, 2025, BlackRock Innovation and Growth Term Trust announced that its Board of Trustees has approved a tender offer to repurchase 50% of its outstanding shares. This action is part of a broader agreement involving BlackRock and Saba Capital Management, L.P., which will expire after the 2027 proxy season. Saba has agreed to certain terms, including withdrawing a prior shareholder proposal, while the Boards also approved the cancellation of a previously announced tender offer for the quarter ended December 31, 2024. This new tender offer is set to take place at a price equal to 99.5% of the Fund's net asset value per common share after the offer's expiration. The document emphasizes that the press release is for informational purposes only and details regarding the tender offer will be made available in official filings with the SEC.
Additional details:
Filing Person: BlackRock Innovation and Growth Term Trust
Contact Name: John M. Perlowski
Contact Address: 50 Hudson Yards, New York, NY 10001
Contact Phone: 1-800-441-7762
Cusip Number: 09260Q108
Issuer Tender Offer: true
Third Party Tender Offer: false
Going Private Transaction: false
Final Amendment: false
Form Type: SCHEDULE 13D/A
Filing Date: 2025-01-21
Corporate Action: Tender-offer
Type: Update
Accession Number: 000106299325000933
Filing Summary: This amendment to Schedule 13D/A is filed by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Mr. Boaz R. Weinstein, regarding their holdings in BlackRock Innovation & Growth Term Trust. On January 20, 2025, Saba Capital entered into a standstill agreement with the Issuer, under which the Issuer will conduct a cash tender offer to acquire 50% of its outstanding Common Shares at a price equal to 99.5% of its net asset value per share. Saba Capital has committed to tender the shares it holds and those owned by its managed funds as part of this agreement, which includes customary standstill provisions lasting until the Issuer's 2027 annual meeting or certain other conditions are met. The funds used for these acquisitions totaled approximately $444,856,136. The reporting persons have disclosed their beneficial ownership of 218,808,356 shares, reflecting the number of shares as of October 11, 2024.
Additional details:
Reporting Persons: Saba Capital Management, L.P.
Reporting Persons: Saba Capital Management GP, LLC
Reporting Persons: Boaz R. Weinstein
Tender Offer Price: 99.5% of net asset value
Number Of Shares Tendered: 50% of outstanding Common Shares
Total Amount Paid: $444,856,136
Agreement Date: 2025-01-20
Withdrawn Proposal Date: 2024-10-09
Status Of Proposal: withdrawn
Form Type: SC TO-C
Filing Date: 2025-01-03
Corporate Action: Tender-offer
Type: New
Accession Number: 000119312525000820
Filing Summary: On January 2, 2025, BlackRock Innovation and Growth Term Trust announced a tender offer as part of their ongoing efforts to manage discounts and enhance long-term shareholder value. The tender offers are based on a Quarterly Measurement Period that occurred between October 1, 2024, and December 31, 2024. The Fund's shares traded at an average daily discount to net asset value (NAV) of 10.53%, triggering the decision to repurchase a portion of its outstanding common shares. The tender offer will commence on January 22, 2025, and will expire on February 21, 2025, unless extended. The Fund intends to repurchase 2.5% of its outstanding shares at a price equal to 98% of NAV determined on the next day after the expiration of the tender offer. If more than 2.5% of shares are tendered, purchases will be made on a pro-rata basis. Payments to shareholders for accepted shares are expected to be completed within approximately five business days after the expiration date. The document also stresses that this announcement is for informational purposes only and not a recommendation for shareholders to participate in the tender offer. Shareholders are encouraged to read the tender offer materials for important details.
Additional details:
Title Of Class Of Securities: Common Shares of Beneficial Interest
Cusip Number: 09260Q108
Average Daily Discount: -10.53%
Tender Offer Commencement Date: 2025-01-22
Tender Offer Expiration Date: 2025-02-21
Tender Offer Repurchase Percentage: 2.5%
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