BlackRock Floating Rate Income Strategies Fund, Inc. announces an Equity Buyback for 5% of the issued share capital.
September 05, 2019 at 12:00 am
Share
BlackRock Floating Rate Income Strategies Fund, Inc. announces a share repurchase program. Under the program, the company will repurchase up to 5% of its outstanding common shares. The repurchase program seeks to enhance shareholder value by purchasing fund shares trading at a discount from their net asset value per share. The repurchase program will commence on December 1, 2019 and will continue through November 30, 2020.
BlackRock Floating Rate Income Strategies Fund, Inc. is a closed-end management investment company. The Fund's investment objective is to provide shareholders with high current income and such preservation of capital as is consistent with investment in a diversified, leveraged portfolio consisting primarily of floating rate debt securities and instruments. It seeks to achieve its investment objective by investing at least 80% of its managed assets in floating rate debt securities, including floating or variable rate debt securities that pay interest at rates that adjust whenever a specified interest rate changes and/or which reset on predetermined dates. It invests a substantial portion of its investments in floating rate debt securities consisting of secured or unsecured senior floating rate loans that are rated below investment grade or, if unrated, are considered by the investment advisor to be of comparable quality. The Fund's investment advisor is BlackRock Advisors, LLC.