Title: BlackRock Debt Strategies Fund Enters Standstill Agreement with Saba Capital Management: An Overview

BlackRock Debt Strategies Fund, Inc. (NYSE:DSU) recently disclosed in a Form 8-K filing lodged with the Securities and Exchange Commission on January 21, 2025, that it has entered into a standstill agreement with Saba Capital Management, L.P. The agreement was officially established on January 20, 2025, between BlackRock Debt Strategies Fund, Inc. and BlackRock Advisors, LLC, the Investment Advisor, and Saba Capital Management, L.P.

Under the terms of the Standstill Agreement, Saba has consented to certain customary standstill covenants and pledged to vote its shares of common stock, when applicable, in alignment with the recommendations of the Fund’s Board of Directors on matters presented to shareholders. This Standstill Agreement will stay in effect until the day after the conclusion of the Fund’s 2027 annual shareholders meeting or August 31, 2027, whichever comes first, unless it is terminated earlier by mutual consent.

A copy of the Standstill Agreement, designated as Exhibit 10.1, is attached to the filing.

Furthermore, the filing stated that proceeds from the sales of terminal facilities in Fisher Island, Miami, and Fairfax, Virginia by TransMontaigne Partners LLC, a separate entity, will be utilized for the repayment of specific term debt obligations. The Fisher Island terminal, with capacity for approximately 700,000 barrels, is set to be sold for approximately $180 million, whereas the Fairfax terminal with a capacity of around 500,000 barrels is to be sold for about $30.75 million. The anticipated closing dates for the sales are around May 15, 2025, and June 30, 2026, respectively, subject to customary closing conditions.

Randy Maffett, the Chief Executive Officer of TransMontaigne, expressed that these sales illustrate the core value of the company’s assets and will enable them to focus on strategic growth and support customer demand.

TransMontaigne Partners LLC is a Denver-based company that provides integrated terminaling, storage, transportation, and related services across various locations in the United States.

Investors and stakeholders are advised to consider the risks and uncertainties associated with such transactions as highlighted in the respective filings with the Securities and Exchange Commission.

For additional information and news about TransMontaigne Partners LLC, interested parties can visit their website at www.transmontaignepartners.com.

It should be noted that forward-looking statements made in this press release are subject to various risks and uncertainties that could impact actual results. The company does not undertake any obligation to publicly update these statements based on new information or future events.

For any further inquiries, please contact Matthew White at [email protected].

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Please note that the above article has been created based on the information disclosed in the 8-K SEC Filing for BlackRock Debt Strategies Fund (NYSE:DSU) and the associated exhibit 99-1 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 Debt Strategies Fund’s 8K filing here.

BlackRock Debt Strategies Fund Company Profile

BlackRock Debt Strategies Fund, Inc is a closed ended fixed income mutual fund launched by BlackRock, Inc The fund is managed by BlackRock Advisors, LLC. It invests in fixed income markets of the United States. The fund primarily invests in a diversified portfolio of companies' debt instruments, including corporate loans, which are rated in the lower rating categories of the established rating services (BBB or lower by S&P's or Baa or lower by Moody's) or unrated debt instruments, which are in the judgment of the investment adviser of equivalent quality.