Tender Offer - BLACKROCK MUNIVEST FUND, INC.

Add to your watchlist
Back to List of Tender Offers

Form Type: SC TO-I

Filing Date: 2025-04-17

Corporate Action: Tender-offer

Type: New

Accession Number: 000119312525084409

Filing Summary: BlackRock MuniVest Fund, Inc. is offering to repurchase 2.5% of its issued and outstanding shares of common stock at a price equal to 98% of the net asset value (NAV) per Share. The offer includes the terms and conditions outlined in the Offer to Purchase dated April 17, 2025, and a related Letter of Transmittal. This tender offer is being conducted under Rule 13e-4 of the Securities Exchange Act of 1934. The offer was first published to security holders on April 17, 2025, and the principal market for the shares is the NYSE.

Document Link: View Document

Additional details:

Issuer Name: BlackRock MuniVest Fund, Inc.

Issuer Cusip: 09253R105

Number Of Shares Offered: 2.5% of its issued and outstanding shares

Purchase Price Percent Of NAV: 98%

Principal Market: NYSE

Contact Name: John M. Perlowski

Contact Phone Number: (800) 882-0052

Form Type: SC TO-C

Filing Date: 2025-04-02

Corporate Action: Tender-offer

Type: New

Accession Number: 000119312525070678

Filing Summary: On April 1, 2025, BlackRock MuniVest Fund, Inc. filed a Tender Offer Statement related to a new issuer tender offer as part of its ongoing discount management program. The tender offer is set to repurchase up to 2.5% of its outstanding common shares at a price equal to 98% of the Fund's net asset value (NAV) following the expiration of the offer. The tender offer was triggered due to an average daily discount of 7.54% to NAV during the Quarterly Measurement Period that concluded on March 31, 2025. The anticipated commencement date for the tender offer is April 17, 2025, with an expiration date of May 20, 2025. If more than 2.5% of shares are tendered, purchases will occur on a pro-rata basis. The Fund will release further tender offer details, including an Offer to Purchase and related documents, to its common shareholders upon commencement of the offer.

Document Link: View Document

Additional details:

Title Of Class: Common Shares of Beneficial Interest

Cusip Number: 09253R105

Average Daily Discount: -7.54%

Tender Offer Price: 98% of NAV

Tender Offer Commencement Date: 2025-04-17

Tender Offer Expiration Date: 2025-05-20

Form Type: SC TO-I/A

Filing Date: 2025-02-25

Corporate Action: Tender-offer

Type: Update

Accession Number: 000119312525034459

Filing Summary: On February 25, 2025, BlackRock MuniVest Fund, Inc. filed Amendment No. 2 to its Issuer Tender Offer Statement (Schedule TO) related to its previously announced offer to repurchase up to 2.5% of its outstanding shares of common stock at a price equal to 98% of the net asset value (NAV) per share. The tender offer was initiated on January 22, 2025, and expired on February 21, 2025. The offer was oversubscribed with 23,258,037 shares tendered, of which 1,507,842 shares were accepted for repurchase on a pro rata basis. The repurchase price was set at $7.6734 per share, based on the NAV as of February 24, 2025. This filing includes updates related to the final results of the tender offer and incorporates prior submissions such as the Offer to Purchase and Letter of Transmittal. A press release regarding the final results was also issued on February 24, 2025, and is attached as an exhibit.

Document Link: View Document

Additional details:

Issuer Name: BlackRock MuniVest Fund, Inc.

Tender Offer Price: 7.6734

Total Shares Tendered: 23258037

Shares Accepted For Repurchase: 1507842

Offer Expiration Date: 2025-02-21

Nav Calculation Date: 2025-02-24

Form Type: SC TO-I/A

Filing Date: 2025-02-24

Corporate Action: Tender-offer

Type: Update

Accession Number: 000119312525032211

Filing Summary: This document is an amendment to the Issuer Tender Offer Statement on Schedule TO filed by BlackRock MuniVest Fund, Inc. on January 22, 2025. The amendment updates the information regarding an offer made by the Fund to repurchase 2.5% of its issued and outstanding shares of common stock at a price equal to 98% of the net asset value (NAV) per share, determined after the Offer expires. The Offer was valid until February 21, 2025, at 5:00 p.m. Eastern time, and this amendment includes a press release announcing the preliminary results of the Offer. The amendment does not modify previously reported information and confirms that additional audited financial details have been incorporated by reference from an earlier filing. It also provides details about the filing fees and related documentation necessary for investors.

Document Link: View Document

Additional details:

Date Tender Offer First Published: 2025-01-22

Tender Offer Percentage: 2.5%

Tender Offer Price Percentage: 98%

Form Type: SC TO-I

Filing Date: 2025-01-22

Corporate Action: Tender-offer

Type: New

Accession Number: 000119312525010425

Filing Summary: BlackRock MuniVest Fund, Inc. has launched an issuer tender offer to repurchase 2.5% of its outstanding shares of common stock at a price equal to 98% of the net asset value (NAV) per share. This tender offer is governed by Rule 13e-4 and was first published on January 22, 2025. The shares are being repurchased with cash and the valuation will occur at the close of the next trading session following the expiration of the offer. As of January 14, 2025, a total of 60,313,687 shares are issued and outstanding. The transaction's purpose is aligned with the Fund's strategy to enhance shareholder value, with terms outlined in the Offer to Purchase and its supplementary materials. The filing also references a standstill agreement with Saba Capital Management, initiated on January 20, 2025, ensuring Saba's compliance with certain covenants during the agreement's effective period, expiring after the Fund's 2027 annual meeting or no later than August 31, 2027.

Document Link: View Document

Additional details:

Title Of Class Of Securities: Shares of Common Stock

Cusip Number: 09253R105

Number Of Shares Outstanding: 60313687

Purchase Price Percentage: 98%

Start Date Of Tender Offer: 2025-01-22

Standstill Agreement Date: 2025-01-20

Form Type: SC TO-C

Filing Date: 2025-01-03

Corporate Action: Tender-offer

Type: New

Accession Number: 000119312525000824

Filing Summary: On January 2, 2025, BlackRock MuniVest Fund, Inc. announced a tender offer for its common shares following the results of the Quarterly Measurement Period under its discount management programs. The Fund noted a Trigger Event, as its shares traded at an average daily discount to net asset value (NAV) exceeding 7.50% during the Measurement Period from October 1, 2024, to December 31, 2024. The Board authorized a tender offer to repurchase 2.5% of outstanding shares at a price of 98% of the Fund's NAV per share. Tender offers are set to commence on January 21, 2025, with expiration dates varying by fund. If more than the intended 2.5% of outstanding shares are tendered, repurchase will occur on a pro-rata basis. Payments for accepted shares are expected within five business days after the tender offer's expiration. Common shareholders are advised to review the tender offer materials upon release for detailed information.

Document Link: View Document

Additional details:

Ticker: MVF

Average Daily Discount: -8.29%

Tender Offer Commencement Date: 2025-01-21

Tender Offer Expiration Date: 2025-02-20T17:00:00

Comments

No comments yet. Be the first to comment!