BlackRock MuniVest Fund Enters Standstill Agreement with Saba Capital Management, L.P.

BlackRock MuniVest Fund, Inc., a Maryland-based company, recently disclosed in an 8-K filing with the Securities and Exchange Commission that on January 20, 2025, it entered into a standstill agreement with Saba Capital Management, L.P. The agreement, also involving BlackRock Advisors, LLC as the Investment Advisor, outlines certain terms to be observed during its effective period.

According to the terms of the Standstill Agreement, both Saba Capital Management, L.P. and the parties involved have agreed to comply with various provisions. These include Saba’s commitment to adhere to specific customary standstill rules and to cast its shares of common stock, if applicable, in alignment with the Fund’s Board of Directors’ suggestions on all shareholder-related matters.

The Standstill Agreement is set to be in force until the day following the closure of the Fund’s 2027 annual meeting of shareholders or August 31, 2027, with the earlier date taking precedence, unless terminated ahead of schedule by the concerned parties. A comprehensive version of the Standstill Agreement has been included as Exhibit 10.1 to the 8-K filing, granting insight and details on the arrangement.

Furthermore, as part of the filing, BlackRock MuniVest Fund, Inc. has also provided the necessary financial exhibits, with Exhibit 10.1 showcasing the Standstill Agreement dated January 20, 2025, and Exhibit 104 presenting the Cover Page Interactive Data File, integrated within the Inline XBRL document.

As per the 8-K filing’s signature section, the report has been duly signed by Janey Ahn, the Secretary of BlackRock MuniVest Fund, Inc., on behalf of the registrant, in accordance with the requirements of the Securities Exchange Act of 1934. The signing took place on January 21, 2025, as indicated in the filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BlackRock MuniVest Fund’s 8K filing here.

BlackRock MuniVest Fund Company Profile

BlackRock MuniVest Fund, Inc is a closed-ended fixed income mutual fund launched by BlackRock, Inc It is managed by BlackRock Advisors, LLC. The fund invests in the fixed income markets of the United States. It primarily invests in investment grade, long term municipal obligations that are exempt from federal income taxes.