BlackRock Corporate High Yield Fund Announces Results Of Its Rights Offering

Author: Benzinga Newsdesk | October 14, 2022 08:47am

BlackRock Corporate High Yield Fund, Inc. (NYSE:HYT) (the "Fund") today announced the successful completion of its transferable rights offer ("the Offer"). The Offer commenced on September 20, 2022, and expired on October 13, 2022.

The Offer entitled rights holders to subscribe for up to an aggregate of 24,463,440 shares of the Fund's common stock, par value of $0.10 per share ("Common Share"). The final subscription price of $8.23 per Common Share was determined based upon the formula equal to 90% of the Fund's net asset value per share of Common Shares at the close of trading on the NYSE on the expiration date. The Common Shares subscribed for will be issued promptly after completion and receipt of all shareholder payments.

The Offer is expected to result in the issuance of more than 20.3 million Common Shares (including notices of guaranteed delivery), resulting in anticipated gross proceeds to the Fund of approximately $168 million. The Fund will receive the entire proceeds of the Offer since BlackRock Advisors, LLC, the Fund's investment adviser, has agreed to pay all expenses related to the Offer. The Fund intends to invest the proceeds of the Offer in accordance with its investment objectives and policies.

This document is not an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus. Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The Fund's prospectus supplement and accompanying prospectus will contain this and additional information about the Fund and additional information about the Offer, and should be read carefully before investing.

Posted In: HYT