BlackRock’s North American Income Trust raised £65m in initial offer period

In its initial offer period, BlackRock’s North American Income Trust raised £65m from institutions and wealth managers and plans to issue further equity in the future.

The firm is now expected to issue 65m ordinary shares at 100p each.

The company has applied for the listing of its ordinary shares which will be traded on the London Stock Exchange’s main market for listed securities under the ticker BRNA.

Admission is expected to take place on October 24, the firm said.

BRNAIT will invest into a diversified portfolio of predominantly US large cap quoted companies that exhibit the ability to pay and grow dividends.

It will be managed by BlackRock’s US based equity income led by Bob Shearer and Kathleen Anderson.

“It’s a tremendous achievement to raise the fund and bring BRNAIT to market set against current low equity volumes and the uncertainty around the looming US election.

Following this initial offering, we anticipate issuing further equity in the near future as clouds lift over current US electoral uncertainty,” said Jonathan Ruck Keene, chairman of BlackRock’s Specialist Client Group.

According to Keene, the fund appeals to investors seeking diversification and access to dividend income and quality equities from our talented fund managers who have demonstrated a strong long term performance track record in US equity income.

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