Simpson Thacher recently represented the underwriters, led by UBS Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC and Ameriprise Financial Services, Inc. in connection with an initial public offering of common shares of beneficial interest of BlackRock Municipal Target Term Trust (the “Trust”). The offering raised approximately $1.55 billion or approximately $1.78 billion if the underwriters exercise their overallotment option in full.
The Trust is a newly organized, non-diversified, closed-end management investment company. The Trust’s investment objectives are to provide current income that is exempt from regular federal income tax and to return $25.00 per common share on or about December 31, 2030. Under normal market conditions, the Trust will invest at least 80% of its managed assets in municipal securities that at the time of investment are investment grade quality. After the initial investment period, the Trust intends to actively manage the maturity of its securities. BlackRock Advisors, LLC is the Trust’s investment adviser, and the Trust’s investment sub-adviser is BlackRock Investment Management, LLC.
The Simpson Thacher team for the transaction included: Sarah Cogan, Rafael Vasquez, Benjamin Wells, Matthew Farrell, Jennifer McGroarty and summer associate Jivaji More (Capital Markets); Jennie Getsin and Andrew Pagliughi (Blue Sky); Alina Casner (Derivatives); and Jonathan Cantor and Devin Heckman (Tax).
