BlackRock Taxable Municipal Bond Trust Enters Standstill Agreement with Saba Capital Management, L.P.

BlackRock Taxable Municipal Bond Trust (NYSE:BBN) disclosed in an SEC filing on January 21, 2025, that the company, along with its Investment Advisor, BlackRock Advisors, LLC, has entered into a standstill agreement with Saba Capital Management, L.P. The agreement, known as the Standstill Agreement, outlines several key provisions that all parties involved have committed to abide by.

During the term of the Standstill Agreement, Saba Capital Management, L.P., BlackRock Taxable Municipal Bond Trust, and the Investment Advisor have agreed to adhere to the terms set forth. These terms include Saba’s commitment to follow specific customary standstill covenants and to cast its common shares of beneficial interest, if any, in line with the recommendations of the Fund’s Board of Trustees on all matters presented to shareholders.

The Standstill Agreement is set to remain in effect until after the conclusion of the Fund’s 2027 annual meeting of shareholders or by August 31, 2027, whichever date comes earlier, unless terminated before by the parties involved. A copy of the complete Standstill Agreement has been included as Exhibit 10.1 in the filed report.

In addition to the Standstill Agreement, the filing also includes Exhibit 104, which refers to the Cover Page Interactive Data File embedded within the Inline XBRL document.

For further details and to understand the implications of this agreement, interested parties are encouraged to review the full 8-K filing available on the SEC’s EDGAR database.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BlackRock Taxable Municipal Bond Trust’s 8K filing here.

BlackRock Taxable Municipal Bond Trust Company Profile

BlackRock Taxable Municipal Bond Trust is a closed-ended fixed income mutual fund launched by BlackRock, Inc It is managed by BlackRock Advisors, LLC. The fund invests in the fixed income markets of the United States. It primarily invests in taxable municipal securities, which include Build America Bonds.