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BlackRock Corporate High Yield Fund III
Ticker Symbol: CYE* CUSIP: 09255M104 Exchange: NYSE
* NOTE: This security is no longer trading as of 11/18/2013
Company's Online Profile
FUND DESCRIPTION: BlackRock (formerly Merrill Lynch) Corporate High Yield Fund III, Inc. is a diversified, closed-end management investment company. The primary investment objective of the Fund is to seek current income by investing primarily in a diversified portfolio of fixed-income securities which are rated in the lower rating categories. Such securities generally involve greater volatility of price and risks to principal and income than securities in the higher rating categories. As a secondary objective, the Fund will seek capital appreciation. The Fund may invest without limitation in financial instruments of issuers domiciled outside the United States or that are denominated in various foreign currencies and multinational foreign currency units. The Fund does not currently intend to hedge its non-U.S. dollar denominated investments. For these reasons, an investment in the Fund may be speculative in that it involves a high degree of risk and should not constitute a complete investment program. Investors should carefully consider the risks before investing. In addition, the Fund should be considered a long-term investment and not a vehicle for trading purposes. The Fund may also engage in various portfolio strategies to enhance income and to hedge its portfolio against investment and interest rate risks, including the utilization of leverage and the use of interest rate and options and futures transactions. BlackRock Advisors is the Fund's investment advisor and BlackRock Advisors' affiliate, BlackRock Financial Management, provides certain day-to-day investment management services to the Fund.
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Notes: November 18, 2013 -- BlackRock Advisors, LLC today announced that the reorganization of each BlackRock High Yield Trust (NYSE:BHY), BlackRock Corporate High Yield Fund, Inc. (NYSE:COY), BlackRock Corporate High Yield Fund III, Inc. (NYSE:CYE), BlackRock High Income Shares (NYSE:HIS) and BlackRock Corporate High Yield Fund V, Inc. (NYSE:HYV) with and into BlackRock Corporate High Yield Fund VI, Inc. (HYT) (each, a “Reorganization”) is effective as of the opening for business of the New York Stock Exchange on November 18, 2013. In the Reorganizations, common shareholders of BHY, COY, CYE, HIS and HYV, respectively, received an amount of HYT common shares equal to the aggregate net asset value of their holdings of BHY, COY, CYE, HIS and/or HYV common shares, as applicable, as determined at the close of business on November 15, 2013. Fractional HYT shares were not issued in the Reorganizations and consequently cash will be distributed for any such fractional amounts.
Relevant details pertaining to the Reorganizations are as follows:
Fund
NAV/Share
($)
Conversion
Ratio
BlackRock Corporate High Yield Fund VI, Inc. (HYT) $12.9229 N/A
BlackRock High Yield Trust (BHY) $7.6169 0.58941105
BlackRock Corporate High Yield Fund, Inc. (COY) $7.7064 0.59633674
BlackRock Corporate High Yield Fund III, Inc. (CYE) $7.9112 0.61218457
BlackRock High Income Shares (HIS) $2.2662 0.17536312
BlackRock Corporate High Yield Fund V, Inc. (HYV) $13.2674 1.02665 ____________ On February 15, 2006, BlackRock, Inc. and Merrill Lynch & Co., Inc. entered into an agreement to contribute Merrill Lynch's investment management business, Merrill Lynch Investment Managers, L.P. and certain affiliates (including Fund Asset Management, L.P. and Merrill Lynch Investment Managers International Limited), to BlackRock to create a new independent company that will be one of the world's largest asset management firms with over $1 trillion in assets under management. The Transaction closed in the third quarter of 2006, and the new company is operating under the BlackRock name. The Fund's Board of Directors has approved a new investment advisory agreement with BlackRock Advisors, Inc. on substantially the same terms and for the same advisory fee as the current investment advisory agreement with the previous Investment Adviser.
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IPO - 1/30/1998 - 32.00 Million Shares @ $15.00/share.
Link to IPO Prospectus
Small Cap Stock -
Market Value $223.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 40 East 52nd Street, New York, NY 10022 |
| Main Phone Number |
800-882-0052 |
| Fax Number |
Not Available |
| Investor Contact
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800-441-7762
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| Toll Free Phone Number |
800-441-7762 |
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