BlackRock New York Municipal Income Trust Enters Standstill Agreement with Saba Capital Management, L.P

On January 20, 2025, BlackRock New York Municipal Income Trust (NYSE:BNY) announced that it entered a standstill agreement with Saba Capital Management, L.P. The agreement, signed with the Investment Advisor, BlackRock Advisors, LLC, includes various provisions that both parties have agreed to uphold.

As per the terms of the Standstill Agreement, Saba Capital Management, L.P. has committed to adhering to certain standard standstill covenants. Additionally, Saba has agreed to withdraw a previously submitted shareholder proposal meant for consideration at the Fund’s 2025 annual meeting of shareholders. Furthermore, Saba has pledged to cast its common shares of beneficial interest, if any, in alignment with the recommendation of the Fund’s Board of Trustees on all matters presented to shareholders.

The Standstill Agreement will be valid until the day following the conclusion of the Fund’s 2027 annual meeting of shareholders or until August 31, 2027, whichever occurs first, unless the parties decide to terminate it earlier.

Included in the filing is a copy of the Standstill Agreement marked as Exhibit 10.1, which is referred to in the report. The agreement between BlackRock New York Municipal Income Trust, its Investment Advisor, and Saba Capital Management, L.P. stands as a significant development for the company and its stakeholders.

This news comes in the wake of BlackRock New York Municipal Income Trust’s continuous efforts to enhance its corporate governance and maintain constructive relationships with its investors and partners. Investors and interested parties can access further details of the agreement in the provided Exhibit.

In line with the Securities Exchange Act of 1934, Janey Ahn, Secretary of BlackRock New York Municipal Income Trust, has authorized and signed this report on behalf of the registrant. The report was 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 New York Municipal Income Trust’s 8K filing here.

BlackRock New York Municipal Income Trust Company Profile

BlackRock New York Municipal Income Trust 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 the investment grade municipal bonds exempt from federal income taxes and New York State and New York City personal income taxes.