BlackRock Debt Strategies Fund, Inc. Announces Final Results of Tender Offer

NEW YORK–(BUSINESS WIRE)–BlackRock Debt Strategies Fund, Inc. (the “Fund”) (NYSE:DSU, CUSIP:
09255R202) announced today the final results of the Fund’s tender offer
(the “Tender Offer”) for up to 5% of its outstanding shares of common
stock (the “Shares”).

The Tender Offer, which expired at 5:00 p.m. Eastern time on April 15,
2019, was oversubscribed.

Therefore, in accordance with the terms and conditions of the Tender
Offer, the Fund will purchase Shares from all tendering stockholders on
a pro rata basis, after disregarding fractions, based on the number of
Shares properly tendered (“Pro-Ration Factor”). The final results of the
Tender Offer are provided in the table below.

                 

Number of
Shares
Tendered

 

Number of
Tendered Shares
to be
Purchased

 

Pro-Ration
Factor

 

Purchase
Price*

 

Number of
Outstanding
Shares after
Tender
Offer

21,792,955   2,636,959   12.10137%   $11.9854   50,102,225
       

* Equal to 98% of the Fund’s net asset value per Share as of April 16,
2019 (the business day immediately following the expiration date of the
Tender Offer).

The Fund will purchase the Shares it has accepted for payment as
promptly as practicable.

Questions regarding the Tender Offer may be directed to Georgeson LLC,
the Information Agent for the Tender Offer, toll free at (877) 278-9670.

Important Notice

This press release is for informational purposes only and shall not
constitute an offer or a solicitation to buy any common shares. The
offer to purchase Fund common shares was made only pursuant to an offer
on Schedule TO. Common stockholders may obtain a free copy of the offer
to purchase and other documents filed with the SEC at the website
maintained by the SEC at www.sec.gov
or by directing such requests to the Fund.

About the Fund

The Fund is a diversified, closed-end investment company whose primary
investment objective is to seek to provide current income by investing
primarily in a diversified portfolio of U.S. 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, and
secondary investment objective is to provide capital appreciation.

Common shares of closed-end investment companies often trade at a
discount to their NAVs, and the Fund’s common shares may also trade at a
discount to their NAV, although it is possible that they may trade at or
at a premium above NAV. The market price of the Fund’s common shares is
determined by such factors as relative demand for and supply of such
common shares in the market, the Fund’s NAV, general market and economic
conditions and other factors beyond the control of the Fund. Therefore,
the Fund cannot predict whether its common shares will trade at, below
or above NAV.

About BlackRock

BlackRock helps investors build better financial futures. As a fiduciary
to investors and a leading provider of financial technology, our clients
turn to us for the solutions they need when planning for their most
important goals. As of March 31, 2019, the firm managed approximately
$6.52 trillion in assets on behalf of investors worldwide. For
additional information on BlackRock, please visit www.blackrock.com |
Twitter: @blackrock |
Blog: www.blackrockblog.com |
LinkedIn: www.linkedin.com/company/blackrock

Availability of Fund Updates

BlackRock will update performance and certain other data for the Fund on
a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com as
well as certain other material information as necessary from time to
time. Investors and others are advised to check the website for updated
performance information and the release of other material information
about the Fund. This reference to BlackRock’s website is intended to
allow investors public access to information regarding the Fund and does
not, and is not intended to, incorporate BlackRock’s website in this
release.

Forward-Looking Statements

This press release, and other statements that BlackRock or a Fund may
make, may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act, with respect to the Fund’s or
BlackRock’s future financial or business performance, strategies or
expectations. Forward-looking statements are typically identified by
words or phrases such as “trend,” “potential,” “opportunity,”
“pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,”
“intention,” “estimate,” “position,” “assume,” “outlook,” “continue,”
“remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar
expressions, or future or conditional verbs such as “will,” “would,”
“should,” “could,” “may” or similar expressions.

BlackRock cautions that forward-looking statements are subject to
numerous assumptions, risks and uncertainties, which change over time.
Forward-looking statements speak only as of the date they are made, and
BlackRock assumes no duty to and does not undertake to update
forward-looking statements. Actual results could differ materially from
those anticipated in forward-looking statements and future results could
differ materially from historical performance.

With respect to the Fund, the following factors, among others, could
cause actual events to differ materially from forward-looking statements
or historical performance: (1) changes and volatility in political,
economic or industry conditions, the interest rate environment, foreign
exchange rates or financial and capital markets, which could result in
changes in demand for the Fund or in the Fund’s net asset value; (2) the
relative and absolute investment performance of the Fund and its
investments; (3) the impact of increased competition; (4) the
unfavorable resolution of any legal proceedings; (5) the extent and
timing of any distributions or share repurchases; (6) the impact, extent
and timing of technological changes; (7) the impact of legislative and
regulatory actions and reforms, including the Dodd-Frank Wall Street
Reform and Consumer Protection Act, and regulatory, supervisory or
enforcement actions of government agencies relating to the Fund or
BlackRock, as applicable; (8) terrorist activities, international
hostilities and natural disasters, which may adversely affect the
general economy, domestic and local financial and capital markets,
specific industries or BlackRock; (9) BlackRock’s ability to attract and
retain highly talented professionals; (10) the impact of BlackRock
electing to provide support to its products from time to time; (11) the
impact of problems at other financial institutions or the failure or
negative performance of products at other financial institutions;
(12) continued implementation of the Fund’s discount management program
and board approval of any subsequent repurchases pursuant to the
discount management program, and the method of execution thereof; and
(13) changes to the expected discount threshold percentage or share
repurchase amounts pursuant to the Fund’s discount management program.

Annual and Semi-Annual Reports and other regulatory filings of the Fund
with the SEC are accessible on the SEC’s website at www.sec.gov and
on BlackRock’s website at www.blackrock.com,
and may discuss these or other factors that affect the Fund. The
information contained on BlackRock’s website is not a part of this press
release.

Contacts

BlackRock Closed-End Funds
1-800-882-0052