BlackRock MuniYield Quality Fund III Enters Standstill Agreement with Saba Capital Management

On January 20, 2025, BlackRock MuniYield Quality Fund III, Inc. disclosed in an 8-K filing that it has established a standstill agreement with Saba Capital Management, L.P. The agreement, which includes BlackRock Advisors, LLC as the Investment Advisor, outlines terms that both parties have consented to during its effective period.

As per the Standstill Agreement, Saba has committed to adhering to specific customary standstill covenants. Additionally, Saba agreed to cast its shares of common stock, if any, following the guidance of the Fund’s Board of Directors on all matters presented to shareholders. The Standstill Agreement is set to be in force until the day subsequent to the Fund’s 2027 annual meeting of shareholders or August 31, 2027, whichever occurs earlier, unless concluded sooner by mutual consent.

Included in the 8-K filing as Exhibit 10.1 is a copy of the Standstill Agreement for reference. This agreement incorporates the terms and conditions agreed upon by the involved parties. Furthermore, the filing also lists an Interactive Data File on its cover page in Inline XBRL format as Exhibit 104.

Reported under Item 9.01 of the disclosure, this financial filing provides transparency regarding the recent developments and agreements that BlackRock MuniYield Quality Fund III has put in place with Saba Capital Management. The agreement signifies a step towards constructive and regulated shareholder participation within the Fund’s decision-making processes.

The filing has been duly signed on behalf of BlackRock MuniYield Quality Fund III, Inc. by Janey Ahn, the Secretary, on January 21, 2025.

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

About BlackRock MuniYield Quality Fund III

BlackRock MuniYield Quality Fund III, Inc is a closed ended fixed income mutual fund launched by BlackRock, Inc It is managed by BlackRock Advisors, LLC. The fund invests in fixed income markets. It invests primarily in a portfolio of long-term investment-grade municipal obligations exempt from federal income taxes.