Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 71

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 71
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 | [●]         |     | [●]           |     | [●]        |
| Pro forma  Combined Fund 
 (BLE, BYM,  BFK and MUE  
 into MHD)                |     | [●]      |     | [●]         |     | [●]         |     | [●]         |     | [●]           |     | [●]        |

Each Fund has each issued VMTP Shares, par value $0.10 per share for each of MUE and the Acquiring Fund and $0.0001 per share for each of BLE, BFK and BYM, and liquidation preference of $100,000 per share, with a mandatory redemption date of [●], [●] , [●] , [●] and [●], respectively. Please see “ — Description of the Reorganizations” for additional information. The VMTP Shares were offered to qualified institutional buyers in private transactions exempt from registration under the Securities Act. The annualized dividend rates for the preferred shares for each Fund for the twelve-month period ended January 31, 2025 were as follows:

| Fund                 |     | Rate  |
| BLE                  |     | 4.69% |
| BYM                  |     | 4.69% |
| BFK                  |     | 4.69% |
| MUE                  |     | 4.69% |
| Acquiring Fund (MHD) |     | 4.69% |

The Board of each Fund has authorized the redemption of up to 67% of each Fund’s currently outstanding VMTP Shares on one or more occasions between April 1, 2025 and October 1, 2025. Any such redemption is not related to the Reorganizations or contingent on shareholder approval of each Reorganization. The timing and amount of any redemption of a Fund’s currently outstanding VMTP Shares would depend on a number of factors, including, among others, the desired mix of leverage from preferred shares versus TOBs, yield levels and borrowing costs. If the Reorganization Agreements are each approved by the requisite shareholders, prior to the Closing Date of the Reorganizations, it is expected that BLE, BYM, BFK and MUE will issue VMTP Shares with terms substantially identical to the terms of the Acquiring Fund VMTP Shares and use the proceeds from such issuance to redeem all of the outstanding VMTP Shares of BLE, BYM, BFK