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abrdn Income Credit Strategies Fund (ACP) is a diversified, closed-end management investment company listed on the New York Stock Exchange under the symbol ACP. The primary investment objective of ACP is to seek a high level of current income, with a secondary objective of capital appreciation. The Fund predominantly invests in debt and loan instruments across various industries and geographic regions, providing a diversified portfolio that aims to maximize returns while managing risks.
Recently, ACP has been involved in significant corporate actions aimed at enhancing shareholder value. On October 23, 2023, the Board of Trustees announced the proposed reorganization of several closed-end investment companies advised by First Trust Advisors, L.P. into ACP. This strategic move, subject to shareholder approval, is designed to increase the Fund's scale, liquidity, and marketability, potentially leading to a tighter discount or a premium to NAV over time. The reorganization is expected to be completed by the first quarter of 2024.
Financially, ACP is committed to maintaining a stable distribution policy. For example, on December 11, 2023, ACP declared a cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares (NYSE:ACP PRA), payable on January 2, 2024. This highlights ACP's consistent approach to delivering value to its shareholders.
abrdn, the marketing name for several affiliated, registered investment advisers, manages ACP. These advisers include abrdn Inc., abrdn Investments Limited, abrdn Asia Limited, abrdn Private Equity (Europe) Limited, and abrdn ETFs Advisors LLC. The Fund's performance and returns are subject to fluctuations in market conditions, and past performance does not guarantee future results.
In summary, ACP offers investors an opportunity to gain exposure to a diversified portfolio of debt and loan instruments with a focus on high current income and capital appreciation. The Fund's proactive management and strategic initiatives aim to enhance shareholder value and ensure long-term viability.
Aberdeen Income Credit Strategies Fund has declared a cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares (NYSE: ACP PRA). This distribution will be paid on December 31, 2021 to shareholders on record as of December 20, 2021, with an ex-dividend date of December 17, 2021. The Series A Preferred Shares, rated A2 by Moody's, were issued at $25.00 and have an annual dividend rate of $1.3125. Distributions may derive from sources other than ordinary income.
Aberdeen Income Credit Strategies Fund has announced a cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares (NYSE: ACP PRA). This distribution is payable on September 30, 2021, to shareholders on record as of September 20, 2021, with an ex-dividend date of September 17, 2021. The Series A Preferred Shares, rated A2 by Moody's, were issued at $25.00 per share and provide an annual dividend of $1.3125. Notably, distributions may be sourced from various income types and will be detailed in tax documents sent to shareholders in January 2022.
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.
Aberdeen Income Credit Strategies Fund (NYSE: ACP) has completed its transferable rights offering, which commenced on May 20, 2021 and ended 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, resulting in expected gross proceeds of approximately $60 million. The offering was over-subscribed, with about 64% of shares subscribed in the primary offering. Shares will be issued around June 23, 2021.
Aberdeen Income Credit Strategies Fund (NYSE: ACP) announced a $0.10 per share distribution to shareholders on June 30, 2021, with a record date of June 4, 2021 (ex-dividend on June 3, 2021). This marks a decrease from the previous monthly distribution of $0.12 per share, as noted on September 10, 2020. A Form 1099-DIV will be issued in January 2022 detailing the distributions' tax implications. The Fund's shares fluctuate in value on the NYSE. Past distribution amounts are not indicative of future performance.
The Board of Trustees of Aberdeen Income Credit Strategies Fund (NYSE: ACP) has approved a transferable rights offering for common shareholders as of May 20, 2021. Shareholders will receive one right for each share held, allowing them to purchase one new share for every three rights at a subscription price determined by a formula based on market value. The offering aims to increase the fund's assets for investment and will take place from May 20, 2021, to June 16, 2021. Additionally, the fund plans to distribute $0.10 per share on May 27, 2021.
Aberdeen Income Credit Strategies Fund (NYSE: ACP) successfully completed its offering of 1,600,000 shares of 5.25% Series A Perpetual Preferred Shares at $25 per share, generating approximately $38.2 million in net proceeds. The Fund intends to utilize these proceeds for its investment objectives and to manage outstanding borrowings. The Preferred Shares are expected to be listed on the NYSE under the symbol ACP PRA within 30 days. Investors should consider the Fund's risks and investment objectives before proceeding.
On May 3, 2021, Aberdeen Income Credit Strategies Fund (NYSE: ACP) announced the pricing of an underwritten public offering of 1,600,000 shares of 5.25% Series A Perpetual Preferred Shares at $25 per share, aiming for net proceeds of approximately $38.2 million after underwriting fees. The Fund plans to utilize the proceeds for investing in line with its objectives, working capital, and reducing debt. The Preferred Shares are expected to be listed on NYSE under the symbol 'ACP.P' within 30 days after issuance, with the offering closing on or around May 10, 2021.
Aberdeen Income Credit Strategies Fund (ACP) announced plans for an underwritten public offering of its Series A Perpetual Preferred Shares. The Fund aims to list these shares on the NYSE under the symbol ACP.P. The proceeds from the offering will be utilized to align with the Fund's investment objectives and may include paying off outstanding borrowings. UBS Securities LLC will manage the offering. The completion is subject to market conditions, with trading anticipated within 30 days post-issuance.
Aberdeen Income Credit Strategies Fund (NYSE: ACP) announced a monthly distribution of $0.10 per share, payable on April 30, 2021, to shareholders of record as of April 23, 2021. This marks a decrease from the previous distribution of $0.12 per share, which was announced on September 10, 2020. Shareholders will receive a Form 1099-DIV in January 2022 detailing the distribution's tax treatment. The Fund's shares may trade at a premium or discount to their net asset value and investors should not assume investment performance based solely on this distribution.
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