BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND
(THE “FUND”)
SERIES W-7
VARIABLE RATE DEMAND PREFERRED SHARES (“VRDP SHARES”)
CUSIP No. 09255G503*
Amendment to Notice of Special Rate Period
June 16, 2023
BlackRock MuniYield Pennsylvania Quality Fund
100 Bellevue Parkway
Wilmington, Delaware 19809
To: Addressees listed on Schedule 1 hereto
In accordance with the Fund’s Amended and Restated Certificate of Designation Establishing and Fixing the Rights and Preferences of VRDP Shares, dated June 17, 2019 (the “Certificate of Designation”), the Fund hereby notifies the Liquidity Provider, the Remarketing Agent and the Holders of the VRDP Shares of certain amendments to the Notice of Special Rate Period, dated June 17, 2022 (the “Notice of Special Rate Period”).
As of June 16, 2023, the definition of “Ratings Spread” in the Notice of Special Rate Period is hereby deleted in its entirety and replaced with the following:
“Ratings Spread” means, with respect to an SRP Calculation Period, the percentage per annum set forth below opposite the highest applicable credit rating assigned to the VRDP Shares, unless the lowest applicable rating is below A3/A-, in which case the Ratings Spread shall mean the percentage per annum set forth below opposite the lowest applicable credit rating assigned to the VRDP Shares by Moody’s, Fitch or any Other Rating Agency, in each case rating the VRDP Shares at the request of the Fund, on the SRP Calculation Date for such SRP Calculation Period:
Moody’s/Fitch | Percentage |
Aa3/AA- to Aa1/AA+ | 0.87% |
A3/A- to A1/A+ | 1.60% |
Baa3/BBB- to Baa1/BBB+ | 2.35% |
Non-investment grade or Unrated | 3.35% |
* NOTE: Neither the Fund nor the Tender and Paying Agent shall be responsible for the selection or use of the CUSIP Numbers selected, nor is any representation made as to its correctness indicated in any notice or as printed on any VRDP Share certificate. It is included solely as a convenience to Holders of VRDP Shares.
* The applicable spread is determined by the higher of the two credit ratings assigned to the VRDP Shares by Moody’s and Fitch, unless the VRDP Shares are rated at or below A3/A-, in which case the applicable spread will be based on the lower of the two credit ratings assigned to the VRDP Shares by Moody’s and Fitch.
Capitalized terms used but not defined in this Amendment to Notice of Special Rate Period shall have the meanings given to such terms in the Certificate of Designation and the Notice of Special Rate Period.
[Signature Page Follows]
2
IN WITNESS WHEREOF, I have signed this Amendment to the Notice of Special Rate Period as of the date first written above.
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND
By: /s/ Jonathan Diorio____________________
Name: Jonathan Diorio
Title: Vice President
[Signature Page – MPA Amendment to Notice of Special Rate Period]
Schedule 1
Recipients of this Notice of Special Rate Period
The Toronto-Dominion Bank, acting through its New York Branch
1 Vanderbilt Avenue
New York, New York 10017
Attention: Rick Fogliano, Head of Municipal Products
Telephone: (212) 827-7172
Fax: (212) 827-7173
Email: fundreporting@tdsecurities.com, muniops@tdsecurities.com, TDSFinance- NewYork@tdsecurities.com and td.tdusamunis@tdsecurities.com
TD Securities (USA) LLC
1 Vanderbilt Avenue
New York, New York 10017
Attention: Rick Fogliano, Head of Municipal Products
Telephone: (212) 827-7172
Fax: (212) 827-7173
Email: fundreporting@tdsecurities.com, muniops@tdsecurities.com and TDSFinance- NewYork@tdsecurities.com and td.tdusamunis@tdsecurities.com
The Depository Trust Company
LensNotice@dtcc.com