BlackRock Capital Allocation Term Trust Enters Standstill Agreement with Saba Capital Management

Posted by Adam Masters on Jan 23rd, 2025

BlackRock Capital Allocation Term Trust, a Maryland-based company, announced on January 21, 2025, that it had entered into a standstill agreement with Saba Capital Management, L.P. The agreement, involving BlackRock Advisors, LLC (the “Investment Advisor”), outlines specific terms to be adhered to by the parties involved.

During the effective period of the Standstill Agreement, Saba Capital Management, L.P., the Fund, and the Investment Advisor have agreed to be bound by its provisions. These include Saba agreeing to abide by customary standstill covenants, the withdrawal of a previously submitted shareholder proposal meant for consideration at the Fund’s 2025 annual meeting of shareholders, and a commitment to vote its common shares of beneficial interest in alignment with the recommendations of the Fund’s Board of Trustees on all matters presented 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 August 31, 2027, whichever occurs first. Unless terminated earlier by the involved parties, the terms of this agreement are binding. A copy of the Standstill Agreement has been included as Exhibit 10.1 in the report filed with the Securities and Exchange Commission.

Additionally, under Item 9.01, the company disclosed that Exhibit 10.1 comprises the Standstill Agreement dated January 20, 2025, while Exhibit 104 includes the Cover Page Interactive Data File.

In other news affecting the financial landscape, TransMontaigne Partners LLC announced agreements for the sale of terminal facilities in Fisher Island, Miami, and Fairfax, Virginia. These transactions hold significance as they exemplify the intrinsic value of TransMontaigne’s assets. The company plans to utilize proceeds from these sales to repay certain term debt obligations, facilitating strategic growth to meet customer demand and support energy transition projects in the future.

TransMontaigne Partners LLC, headquartered in Denver, Colorado, with operations spanning various regions in the United States, provides terminaling, storage, transportation, and related services for customers engaged in the distribution and marketing of bulk liquids. For further details on TransMontaigne Partners LLC and updates, interested individuals can visit their website at www.transmontaignepartners.com.

This release may contain forward-looking statements, subject to risks and uncertainties outlined in the company’s Annual Report on Form 10-K for the year ending December 31, 2023. TransMontaigne Partners LLC asserts that any forward-looking statement in this press release is founded on current information available to the company and solely dated at its declaration.

For additional information, parties interested in contacting TransMontaigne Partners LLC can reach out to Matthew White at [email protected].

That concludes the report on the latest developments between BlackRock Capital Allocation Term Trust and Saba Capital Management, alongside the terminal facility sales by TransMontaigne Partners LLC.

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