# EDGAR Filing Document

**Accession Number:** 0001232860
**File Stem:** 0001193125-25-203808
**Filing Date:** 2025-9
**Character Count:** 13221
**Document Hash:** bc5242db7e7848efeb6cf2106592847c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-203808.hdr.sgml**: 20250915

**ACCESSION NUMBER**: 0001193125-25-203808

**CONFORMED SUBMISSION TYPE**: SC TO-I/A

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20250915

**DATE AS OF CHANGE**: 20250915

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Municipal Credit Alpha Portfolio, Inc.
- **CENTRAL INDEX KEY:** 0001232860

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-84460
- **FILM NUMBER:** 251315169

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK MUNICIPAL INCOME FUND, INC.
- **DATE OF NAME CHANGE:** 20211001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.
- **DATE OF NAME CHANGE:** 20120921

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK MUNI INTERMEDIATE DURATION FUND INC
- **DATE OF NAME CHANGE:** 20061026
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Municipal Credit Alpha Portfolio, Inc.
- **CENTRAL INDEX KEY:** 0001232860

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK MUNICIPAL INCOME FUND, INC.
- **DATE OF NAME CHANGE:** 20211001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.
- **DATE OF NAME CHANGE:** 20120921

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK MUNI INTERMEDIATE DURATION FUND INC
- **DATE OF NAME CHANGE:** 20061026

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**SCHEDULE TO** 

**TENDER OFFER STATEMENT** 

**Under Section 14(d)(1) or 13(e)(1)** 

**of the Securities Exchange Act of 1934** 

**(Amendment No. 1)** 

## BlackRock Municipal Credit Alpha Portfolio, Inc.
**(Name of Subject Company (Issuer))** 

**(Names of Filing Person(s) (Issuer))** 

**Shares of Common Stock, Par Value $0.10 per share** 

**(Title of Class of Securities)** 

**Institutional Shares – 09262J102** 

**Class A Shares – 09262J300** 

**Class U Shares – 09262J409** 

**(CUSIP Number of Class of Securities)** 

**John M. Perlowski** 

**BlackRock Municipal Credit Alpha Portfolio, Inc.** 

**50 Hudson Yards** 

**New York, New York 10001** 

**(800) 882-0052** 

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Person(s))** 

***Copies to:***

---

| | |
|:---|:---|
| **Margery K. Neale, Esq.** | **Janey Ahn, Esq.** |
| **Elliot J. Gluck, Esq.** | **BlackRock Advisors, LLC** |
| **Willkie Farr & Gallagher LLP** | **50 Hudson Yards** |
| **787 Seventh Avenue** | **New York, New York 10001** |
| **New York, New York 10019** |  |

---

**August 20, 2025** 

**(Date Tender Offer First Published, Sent or Given to Security Holders)** 

☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which this statement relates:

☐ third-party tender offer subject to Rule 14d-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ issuer tender offer subject to Rule 13e-4.

☐ going-private transaction subject to Rule 13e-3.

☐ amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer. ☐

------

This Amendment No. 1 ("Amendment No. 1") amends and supplements the Issuer Tender Offer Statement on Schedule TO filed on August 20, 2025 (the "Schedule TO") by BlackRock Municipal Credit Alpha Portfolio, Inc., a Maryland corporation (the "Fund"), pursuant to Rule 13e-4 under the Securities Exchange Act of 1934, as amended, in connection with an offer by the Fund (the "Offer") to purchase up to 50% of its issued and outstanding shares of common stock, par value $0.10 per share (including Institutional Shares, Class A Shares and Class U Shares, the "Shares"), in exchange for cash at the net asset value of the applicable class of Shares determined as of the close of the regular trading session of the New York Stock Exchange on the day the Offer expires, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated August 20, 2025 (the "Offer to Purchase"), and in the related Letter of Transmittal, copies of which were previously filed as Exhibits (a)(1)(i) and (a)(1)(ii), respectively, to the Schedule TO and in the Supplement No. 1 to the Offer to Purchase (the "Supplement"), a copy of which is filed as an exhibit to this Amendment.

At a meeting on September 10-11, 2025, the Board of Directors of the Fund approved the issuance of 350 Variable Rate Demand Preferred Shares, $100,000 liquidation preference per share, in a privately negotiated offering to a qualified institutional buyer as defined pursuant to Rule 144A under the Securities Act of 1933, as amended. The Fund may use the proceeds of the issuance to purchase Shares pursuant to the Offer. The issuance of the Variable Rate Demand Preferred Shares will provide the Portfolio with leverage. The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of Shares. Therefore, the Supplement hereby supplements and amends the information previously provided in the Offer to Purchase and the related Letter of Transmittal. The Supplement should be read in conjunction with the Offer to Purchase.

Except as specifically provided herein (and in the Supplement), the information contained in the Schedule TO, the Offer to Purchase and the Letter of Transmittal remains unchanged, and this Amendment No. 1 does not modify any of the information previously reported in the Schedule TO, the Offer to Purchase or the Letter of Transmittal.

**Item 1 through Item 9 and Item 11** 

The information set forth in the Offer to Purchase and the related Letter of Transmittal is incorporated by reference into this Amendment No. 1 in answer to Item 1 through Item 9 and Item 11 of the Schedule TO.

**Item 10.** **Financial Statements** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The [audited annual financial statements of the Fund dated July 31, 2024 and the schedule of investments of the Fund dated July 31, 2024, both filed with the SEC on EDGAR on Form N-CSR on October 3, 2024](http://www.sec.gov/Archives/edgar/data/1232860/000119312524231900/d881768dncsr.htm), are incorporated by reference. The [unaudited semi-annual financial statements of the Fund dated January 31, 2025 and the schedule of investments of the Fund dated January 31, 2025, both filed with the SEC on EDGAR on Form N-CSRS on April 7, 2025](http://www.sec.gov/Archives/edgar/data/1232860/000119312525074473/d904404dncsrs.htm), are incorporated by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 12.** **Exhibits** <br>

Item 12 of the Schedule TO is hereby amended and supplemented to add the following exhibit:

[(a)(1)(iii) Supplement No. 1 to the Offer to Purchase, dated September 15, 2025, is filed herewith.](d46065dex99a1iii.htm)

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| | |
|:---|:---|
| **Item 12(c).** | **Filing Fees**  |

---

[Filing Fee Exhibit is filed herewith.](d46065dexfilingfees.htm)

**Item 13.** **Information Required By Schedule 13E-3** <br>

Not applicable.

------

**SIGNATURE** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| **BlackRock Municipal Credit Alpha Portfolio, Inc.** | **BlackRock Municipal Credit Alpha Portfolio, Inc.** |
| By: | /s/ John M. Perlowski |
|  | Name: John M. Perlowski |
|  | Title: President and Chief Executive Officer |
|  | Dated: September 15, 2025 |

---

------

**<u>Exhibit Index</u>**

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| (a)(1)(iii) | [Supplement No. 1 to the Offer to Purchase, dated September 15, 2025 is filed herewith.](d46065dex99a1iii.htm) |
|  | [Filing Fee Exhibit](d46065dexfilingfees.htm) |

---

## Ex-99.(A)(1)(Iii)

**Exhibit (a)(1)(iii)** 

**Supplement No. 1 to the Offer to Purchase** 

**Up to 50% of the Issued and Outstanding Shares of Common Stock** 

**of** 

**BlackRock Municipal Credit Alpha Portfolio, Inc.** 

**at** 

**Net Asset Value** 

**by** 

**BlackRock Municipal Credit Alpha Portfolio, Inc. in Exchange for Cash** 

**THE OFFER TO PURCHASE WILL EXPIRE AT 4:00 P.M., EASTERN TIME,** 

**ON SEPTEMBER 19, 2025, UNLESS THE OFFER IS EXTENDED.** 

To the Common Shareholders of BlackRock Municipal Credit Alpha Portfolio, Inc.:

This Supplement No. 1 (this "Supplement") hereby supplements and amends the information previously provided in the Offer to Purchase, dated August 20, 2025 (the "Original Offer to Purchase" and, together with this Supplement, as the same may be further amended or supplemented from time to time, the "Offer to Purchase"), and the related Letter of Transmittal of BlackRock Municipal Credit Alpha Portfolio, Inc. (the "Portfolio"). This Supplement should be read in conjunction with the Original Offer to Purchase. To the extent there are any conflicts between the information in this Supplement and the information in the Original Offer to Purchase, the information in this Supplement hereby replaces and supersedes such information. All capitalized terms used but not defined herein shall have the meanings ascribed to them in the Original Offer to Purchase.

At a meeting on September 10-11, 2025, the Board of Directors of the Portfolio approved the issuance of 350 Variable Rate Demand Preferred Shares, $100,000 liquidation preference per share, in a privately negotiated offering to a qualified institutional buyer as defined pursuant to Rule 144A under the Securities Act of 1933, as amended. The Portfolio may use the proceeds of the issuance to purchase Shares pursuant to the Offer. The issuance of the Variable Rate Demand Preferred Shares will provide the Portfolio with leverage. The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of Shares.

Accordingly, Section 3, "Plans or Proposals of the Fund" and Section 8, "Source and Amount of Consideration" in the Original Offer to Purchase are hereby amended to reflect the Fund's planned issuance of Variable Rate Demand Preferred Shares. **Except for the foregoing amendment, all other terms of the Offer, as described in the Original Offer to Purchase and related Letter of Transmittal, remain the same.**

If you have any questions, please refer to the Original Offer to Purchase and related Letter of Transmittal or contact the Transfer Agent, toll free at the number disclosed in the Portfolio's Original Offer to Purchase.

BLACKROCK MUNICIPAL CREDIT ALPHA PORTFOLIO, INC.

September 15, 2025

**SUPP_MUNEX_0925**

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

 **Calculation of Filing Fee Tables** <br>

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| | | | |
|:---|:---|:---|:---|
| | | **Transaction Valuation**  | **Amount of Filing Fee**  |
| Fees to be Paid |  |  |  |
| Fees Previously Paid | 1 | $140942399.46 | $21578.28 |
|  | Total Transaction Valuation: | $140942399.46  |  |
|  | Total Fees Due for Filing: |  | $21578.28  |
|  | Total Fees Previously Paid:  |  | $21578.28  |
|  | Total Fee Offsets:  |  | $0.00  |
|  | Net Fee Due:  |  | $0.00  |

---

 **Offering Note** <br>

<sup>1</sup> (1) The transaction value is calculated as the aggregate maximum purchase price for Shares that could be purchased, based upon the shares outstanding and net asset value of the Fund as of August 13, 2025. The fee of $21,578.28 was paid in connection with the filing of the Schedule TO-I by BlackRock Municipal Credit Alpha Portfolio, Inc. (File No. 005-84460) on August 20, 2025 (the "Schedule TO"). This is the first amendment to the Schedule TO and is being filed for the purpose of filing the Trust's press release announcing the preliminary results of the Offer as an additional exhibit to the Schedule TO. (2) Calculated at $153.10 per $1,000,000 of the Transaction Value.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Registrant or Filer Name | Form or Filing Type | File Number | Initial Filing Date | Filing Date | Fee Offset Claimed | Fee Paid with Fee Offset Source |
| Fee Offset Claims | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Fee Offset Sources | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

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