Company: MYI
Filing Date: 2025-09-05
Form Type: 424B3
Source: 0001193125-25-196285
Chunk: 247

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-09-05
Form: 424B3
Chunk 247
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 MVF                  |     | VMTP Shares      |     | 4.69% |
| Acquiring Fund (MYI) |     | VRDP Shares      |     | 4.22% |

The Board of each Fund has authorized the redemption of up to 67% of the Fund’s currently outstanding VRDP or VMTP Shares, as applicable, on one or more occasions between April 1, 2025 and October 1, 2025. Any such redemption is not related to the Reorganization or contingent on shareholder approval of the Reorganization. The timing and amount of any redemption of a Fund’s currently outstanding VRDP 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. In connection with the Reorganizations, the Acquiring Fund expects to issue 777 additional VRDP Shares to MVT (for issuance to MVT VMTP Holders), 2,319 additional VRDP Shares to MIY (for issuance to MIY VRDP Holders) and 1,536 additional VRDP Shares to MVF (for issuance to MVF VMTP Holders). Following the completion of the Reorganizations, the Combined Fund is expected to have 8,196 VRDP Shares outstanding. Assuming all of the Reorganizations are approved by the requisite shareholders, on the Closing Date of the Reorganizations, MVT, MIY and MVF will each receive newly issued Acquiring Fund VRDP Shares, par value $0.10 per share and with a liquidation preference of $100,000 per share (plus an amount equal to any accumulated and unpaid dividends that have accrued on the MVT, MIY or MVF VMTP Shares or VRDP Shares, as applicable, up to and including the day immediately preceding the Closing Date of the Reorganizations if such dividends have not been paid prior to the Closing Date), in such number equal to the issued and outstanding MVT, MIY or MVF VMTP Shares or VRDP Shares, as of immediately prior to the Closing Date, and such newly issued Acquiring Fund VRDP Shares will then be distributed to MVT, MIY or MVF VMTP Holders or VRDP Holders, as applicable, pro rata. The newly issued Acquiring Fund VRDP Shares are expected to be of a substantially identical series as those of the Acquiring Fund’s outstanding VRDP Shares. No fractional Acquiring Fund VRDP Shares will be issued. The terms of