BlackRock Health Sciences Term Trust Proxy Filing

Ticker: BMEZ · Form: DEFA14A · Filed: May 22, 2024 · CIK: 1785971

Blackrock Health Sciences Term Trust DEFA14A Filing Summary
FieldDetail
CompanyBlackrock Health Sciences Term Trust (BMEZ)
Form TypeDEFA14A
Filed DateMay 22, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$500m, $32K, $104K, $78m, $13.3m
Sentimentneutral

Sentiment: neutral

Topics: proxy-statement, sec-filing, corporate-governance

TL;DR

BlackRock Health Sciences Term Trust filed its proxy statement, no fee required.

AI Summary

BlackRock Health Sciences Term Trust filed a DEFA14A on May 22, 2024, regarding its proxy statement. The filing indicates no fee was required for this submission. The company, previously known as BlackRock Health Sciences Trust II until August 20, 2019, is incorporated in Maryland and has its fiscal year end on December 31.

Why It Matters

This filing is a routine proxy statement, providing shareholders with information about company matters and voting procedures, which is essential for corporate governance.

Risk Assessment

Risk Level: low — This is a standard regulatory filing (DEFA14A) for a publicly traded company, indicating routine corporate actions rather than significant financial events.

Key Players & Entities

  • BlackRock Health Sciences Term Trust (company) — Registrant
  • BlackRock Health Sciences Trust II (company) — Former company name
  • 20190820 (date) — Date of name change
  • 20240522 (date) — Filing date
  • 1934 Act (legal_document) — Securities Exchange Act

FAQ

What is the purpose of a DEFA14A filing?

A DEFA14A filing is a definitive proxy statement filed with the SEC, providing shareholders with information about matters to be voted on at a company's shareholder meeting.

When was BlackRock Health Sciences Term Trust previously known?

The company was previously known as BlackRock Health Sciences Trust II until August 20, 2019.

What is the fiscal year end for BlackRock Health Sciences Term Trust?

The fiscal year end for BlackRock Health Sciences Term Trust is December 31.

Was there a filing fee associated with this DEFA14A?

No, the filing indicates that no fee was required for this submission.

In which state is BlackRock Health Sciences Term Trust incorporated?

BlackRock Health Sciences Term Trust is incorporated in Maryland (MD).

Filing Stats: 4,451 words · 18 min read · ~15 pages · Grade level 12.8 · Accepted 2024-05-22 17:25:17

Key Financial Figures

  • $500m — s at IPO vs. investors paying upfront (~$500mm from 2019-2021) BlackRocks investment
  • $32K — across 10 CEFs1 Average position size ~$32K per beneficial holder account across 10
  • $104K — account across 10 CEFs1 Median income $104K of all CEF shareholders2 Average age o
  • $78m — V As of 2/29/24, the Trust repurchased $78mm of shares (4.56% O/S) through open mar
  • $13.3m — through open market repurchase, driving $13.3mm accretion in NAV Distributions BCAT
  • $17.80 — olling average daily NAV5 BCATs NAV of $17.80 per share plus $4.62 cumulative distrib
  • $4.62 — AV5 BCATs NAV of $17.80 per share plus $4.62 cumulative distributions paid equals $
  • $22.42 — 2 cumulative distributions paid equals $22.42 per share, as compared to the its $20 p
  • $20 — 22.42 per share, as compared to the its $20 per share IPO price Total Expense Rati
  • $55m — V As of 2/29/24, the Trust repurchased $55mm of shares (3.61% O/S) through open mar
  • $10.8m — through open market repurchase, driving $10.8mm accretion in NAV Distributions ECAT
  • $18.79 — le peers decreased theirs ECATs NAV of $18.79 per share plus the $3.38 cumulative dis
  • $3.38 — ECATs NAV of $18.79 per share plus the $3.38 cumulative distributions paid equals $2
  • $22.17 — 38 cumulative distributions paid equals $22.17 per share, as compared to the Trusts $2
  • $20.00 — 17 per share, as compared to the Trusts $20.00 per share IPO price In May 2024, the T

Filing Documents

From the Filing

HEALTH SCIENCES TERM TRUST BLACKROCK HEALTH SCIENCES TERM TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Definitive Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Additional Materials Soliciting Material Pursuant to 240.14a-12 BLACKROCK HEALTH SCIENCES TERM TRUST (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Payment of Filing Fee (Check the appropriate box): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. On May 22, 2024, representatives of the funds listed below (collectively, the Funds) gave a presentation to representatives of Institutional Shareholder Services Inc. regarding the Funds. A copy of this presentation is filed herewith. BlackRock California Municipal Income Trust BlackRock New York Municipal Income Trust BlackRock MuniHoldings New York Quality Fund, Inc. BlackRock MuniYield Pennsylvania Quality Fund BlackRock MuniYield New York Quality Fund, Inc. BlackRock Innovation and Growth Term Trust BlackRock Health Sciences Term Trust BlackRock Science and Technology Term Trust BlackRock Capital Allocation Term Trust BlackRock ESG Capital Allocation Term Trust BlackRock Closed-End Funds Focused on the interests of all shareholders Contested funds: BlackRock California Municipal Income Trust (NYSE: BFZ) BlackRock New York Municipal Income Trust (NYSE: BNY) BlackRock MuniHoldings New York Quality Fund, Inc. (NYSE: MHN) BlackRock MuniYield Pennsylvania Quality Fund (NYSE: MPA) BlackRock MuniYield New York Quality Fund, Inc. (NYSE: MYN) BlackRock Innovation and Growth Term Trust (NYSE: BIGZ) BlackRock Health Sciences Term Trust (NYSE: BMEZ) BlackRock Science and Technology Term Trust (NYSE: BSTZ) BlackRock Capital Allocation Term Trust (NYSE: BCAT) BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) Executive Summary Since 1988, BlackRock has been a leader in closed-end funds (CEFs) through BlackRock1 a trusted continuous innovation and a focus on clients evolving needs fiduciary for investors BlackRocks CEFs are structured to meet the financial goals of all shareholders, offering a unique value proposition The Funds Boards protect all shareholders, with a focus on their need for The Funds2 Boards and steady income, and take proactive actions to mitigate discounts management teams o We manage numerous funds, the majority of which are performing well and create value for all many trade at a premium; however, some trade at a discount shareholders BlackRock provides substantial benefits in terms of fair treatment, distribution and risk management / investment expertise from 19,000+ professionals The Funds Boards in aggregate have the extensive set of skills needed to Rigorous Board oversight effectively oversee CEFs and are open to engaging with all shareholders ensures all shareholders are protected The Funds Boards regularly meet with the CEFs portfolio management teams to assess performance and fund positioning Inherent conflict between NY-based hedge fund Saba Capital Management, LPs (Saba) extensive Sabas self-serving history of destructive actions has harmed CEF shareholders interests and those of Sabas tactics are self-serving and not in the best interests of all shareholders other shareholders Sabas nominees have few relevant skills to provide oversight and add no value Sabas nominees are to the current Boards unqualified and conflicted Their legacy and ongoing relationships with Saba raise serious questions about their independence 1 Where referenced in this presentation, BlackRock refers to the Funds Advisor, BlackRock Advisors, LLC; 2 Where referenced in this presentation, the Funds refers to the 10 contested BlackRock-advised closed-end funds (BFZ, BNY, MHN, MPA, MYN, BIGZ, BMEZ, BSTZ, BCAT, and ECAT) 2 BlackRock a trusted fiduciary for investors Overview of BlackRock CEFs: Designed for CEF shareholders BlackRock CEFs are structured to meet the financial goals of CEF shareholders, consistent with the investment objective of each fund. Since 1988, BlackRock has established a leadership position in CEFs through continuous innovation and a focus on the evolving needs of CEF shareholders ? Focus on distributions: Consistent and predictable distributions over time and across market cycles ? Diversification benefits: Broad investment opportunities typically unavailable to smaller holders, offered with no performance fee ? Closed structure: Stable capital allowing greater investment flexibility, enables PMs to stay invested and limits forced

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