Aberdeen Income Credit Strategies Fund Announces Issuance of Shares After Completion of Rights Offering
Aberdeen Income Credit Strategies Fund (NYSE:ACP) has successfully completed its transferable rights offering, which commenced on May 20, 2021, and closed on June 16, 2021. The offering allowed rights holders to subscribe for up to 5,812,247 common shares at a final price of $10.20 per share, generating gross proceeds of $60 million. Due to high demand, the offering was over-subscribed, and shares were allocated pro rata to those who over-subscribed. All shares offered were issued today, reflecting strong investor interest in the fund.
- Over-subscribed rights offering indicates strong investor demand.
- Generated gross proceeds of $60 million for the Fund.
- All 5,812,247 Common Shares were issued, demonstrating effective capital raising.
- None.
PHILADELPHIA, PA / ACCESSWIRE / June 23, 2021 / Aberdeen Income Credit Strategies Fund (NYSE:ACP) (the 'Fund'), a closed-end fund, announced today, in furtherance to its press release dated June 17, 2021, the issuance of shares in connection with the successful completion of its transferable rights offering (the 'Offer'). The Offer commenced on May 20, 2021 and expired on June 16, 2021 (the 'Expiration Date').
The Offer entitled rights holders to subscribe for up to an aggregate of 5,812,247 of the Fund's common shares of beneficial interest, par value
As a result of high investor demand, the Offer was over-subscribed. Accordingly, the shares issued pursuant to the over-subscription privilege of the Offer were allocated pro rata among those fully exercising record date shareholders who over-subscribed based on the number of rights originally issued to them by the Fund. The Fund issued all of the 5,812,247 Common Shares offered pursuant to the Offer, with a majority of those Common Shares issued pursuant to the primary subscription and the remaining Common Shares issued pursuant to the over-subscription privilege. The gross proceeds of the Offer were
This communication is not an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale is not permitted.
The Fund is managed and advised by Aberdeen Asset Managers Limited. The Fund's Common Shares trade on the NYSE under the symbol 'ACP.'
In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers: Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Aberdeen Standard Alternative Funds Limited.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that the Fund will achieve its investment objective.
If you wish to receive this information electronically, please contact Investor.Relations@aberdeenstandard.com
For More Information Contact:
Aberdeen Standard Investments Inc.
Investor Relations
1-800-522-5465
Investor.Relations@aberdeenstandard.com
SOURCE: Aberdeen Income Credit Strategies Fund
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