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

BlackRock MuniYield Pennsylvania Quality Fund (NYSE:MPA) disclosed in an 8-K filing with the Securities and Exchange Commission (SEC) that on January 20, 2025, the company, alongside its Investment Advisor, BlackRock Advisors, LLC, reached a standstill agreement with Saba Capital Management, L.P. (“Saba”).

The standstill agreement, officially termed the “Standstill Agreement,” outlines several key provisions that all parties involved have agreed to adhere to during its effective period. Specifically, Saba has committed to following certain customary standstill covenants, withdrawing a previously submitted shareholder proposal set for consideration at the Fund’s 2025 annual meeting of shareholders, and voting any common shares of beneficial interest it holds in alignment with the recommendations put forth by the Fund’s Board of Directors on all matters proposed to shareholders.

The Standstill Agreement is slated to remain in effect until the day following the completion of the Fund’s 2027 annual meeting of shareholders or until August 31, 2027, whichever occurrence dates first, unless the agreement is terminated by the parties prior to these stipulated periods. As part of the SEC filing, a copy of the Standstill Agreement has been included as Exhibit 10.1 and is incorporated by reference in the report.

In a separate section of the filing, under Item 9.01, it was noted that no financial statements were released in conjunction with this disclosure. However, accompanying the filing are the following exhibits: Exhibit 10.1 showcasing the Standstill Agreement dated January 20, 2025, and Exhibit 104, which contains the Cover Page Interactive Data File embedded within the Inline XBRL document.

To meet regulatory requirements, the filing has been duly signed by Janey Ahn, the Secretary of BlackRock MuniYield Pennsylvania Quality Fund, with the report officially signed 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 Pennsylvania Quality Fund’s 8K filing here.

BlackRock MuniYield Pennsylvania Quality Fund Company Profile

BlackRock MuniYield Pennsylvania Quality Fund 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 long-term investment grade municipal obligations exempt from federal income taxes and Pennsylvania income taxes.