Saba Capital Discloses its Views on BlackRock Muni
April 01, 2019 at 04:58 pm EDT
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On March 30, 2019, Saba Capital Management, L.P. submitted to BlackRock Muni New York Intermediate Duration Fund, Inc. a notice informing the Company of its intention to (i) present a proposal requesting the board of directors of the Company consider authorizing a self-tender for all outstanding common shares at or close to net asset value; provided, however, if more than 50% of the Company’s outstanding common shares are submitted for tender, the tender offer should be cancelled and the Company should be liquidated or converted into an open-end mutual fund and (ii) nominate the following 6 persons: Thomas H. McGlade, Stephen J. Flanagan, Frederic Gabriel, Jassen Trenkow, Christopher A. Klepps, and David Basile for election to the Board at the 2019 annual meeting of shareholders of the Company.
BlackRock Muni New York Intermediate Duration Fund, Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund's investment objective is to provide shareholders with high current income exempt from federal income tax and New York State and New York City personal income taxes. The Fund seeks to invest at least 80% of its assets in municipal obligations exempt from federal income tax (except that the interest may be subject to the federal alternative minimum tax) and New York State and New York City personal income taxes. Under normal market conditions, it invests at least 75% of its assets in municipal obligations that are investment-grade quality at the time of investment. Under normal market conditions, it invests at least 80% of its assets in municipal obligations with a duration of 3 to 10 years. The Fund may invest directly in such securities or synthetically through the use of derivatives. The Fund's investment manager is BlackRock Advisors, LLC.
BLACKROCK MUNI NEW YORK INTERMEDIATE DURATION FUND, INC. 
