NEW YORK--(BUSINESS WIRE)--

BlackRock Advisors, LLC announced today that the Board of Directors of BlackRock Debt Strategies Fund, Inc. (NYSE:DSU) (the “Fund”) approved a 1-for-3 reverse stock split of the Fund’s common stock.

The Fund anticipates completing a 1-for-3 reverse stock split prior to the open of trading on the New York Stock Exchange (the “NYSE”) on November 16, 2016 for common stockholders of record as of the close of business on November 15, 2016. Trading in shares of the Fund's common stock on a split adjusted basis is expected to begin at the open of trading on the NYSE on November 16, 2016. Shares of the Fund's common stock will continue trading on the NYSE under its existing ticker symbol (NYSE:DSU), but will be assigned the new CUSIP number below.

As a result of the reverse stock split, every three shares of the Fund's outstanding common stock will be converted into one share of common stock. A reverse stock split will decrease the number of the Fund's shares of common stock outstanding and potentially increase the market price per share of common stock by a proportional amount. While the number of the Fund’s outstanding shares of common stock will decline, neither the Fund's portfolio holdings nor the total value of stockholders' investments in the Fund will be affected as a result of the reverse stock split. After the reverse stock split, common stockholders' accounts will reflect proportionally fewer shares of common stock with a higher net asset value per share of common stock and each common stockholder will hold the same percentage of the Fund's outstanding shares of common stock as such stockholder held immediately prior to the reverse stock split, subject to adjustments for fractional shares resulting from the reverse stock split. The Fund's dividend policy will not change as a result of the reverse stock split.

The Board and BlackRock believe that increasing the market price per share of the Fund’s common stock through the reverse stock split may attract coverage by additional analysts and broaden the range of potential investors in shares the Fund’s common stock, thereby potentially improving the market for, and liquidity of, shares of the Fund’s common stock. This would have the effect of reducing the per share transaction costs associated with buying or selling shares of the Fund’s common stock in the secondary market.

No fractional shares will be issued as a result of the reverse stock split. Fractional shares that may result from the reverse stock split will be aggregated and sold on the NYSE by the Fund's transfer agent and the proceeds will be distributed pro rata among stockholders who would otherwise have received fractional shares in the reverse stock split. The pro rata cash payment received by stockholders will be net of any customary fees and expenses in proportion to their allocable share of the total proceeds of the sales. Stockholders will be receiving additional information regarding the reverse stock split from Computershare Trust Company, N.A., the Fund's transfer agent.

About BlackRock

BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At September 30, 2016, BlackRock’s AUM was $5.1 trillion. BlackRock helps clients around the world meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares^® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions^®. As of September 30, 2016, the firm had approximately 13,000 employees in 30 countries and a major presence in global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company’s website at www.blackrock.com | Twitter: @blackrock_news | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock

Availability of Fund Updates and Performance Data

BlackRock will update performance and certain other data for the BlackRock closed-end funds (the “Funds”) 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 Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds 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 a 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 Funds, 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 Funds or in a Fund’s net asset value; (2) the relative and absolute investment performance of a 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 a 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; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.

Annual and Semi-Annual Reports and other regulatory filings of the Funds with the Securities and Exchange Commission (“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 Funds. The information contained on BlackRock’s website is not a part of this press release.

View source version on businesswire.com: http://www.businesswire.com/news/home/20161028005896/en/