Delaware Ivy High Income Opportunities Fund announces completion of reorganization into abrdn Income Credit Strategies Fund

Rhea-AI Summary

The Delaware Ivy High Income Opportunities Fund (IVH) announced the completion of its asset acquisition by the abrdn Income Credit Strategies Fund (ACP) on March 10, 2023. The Reorganization was approved by shareholders at a meeting held on November 9, 2022. As of the Reorganization, the Net Asset Value (NAV) per share for IVH was $11.6110, with a conversion ratio of 1.615135. The Reorganization is a tax-free transaction, and shareholders will receive a Form 1099-DIV for 2023 tax reporting. IVH will be de-listed from the NYSE and dissolved. Shareholders may contact 800 522-5465 for inquiries regarding the exchange of shares.

Positive

• The acquisition was completed successfully, expanding asset management opportunities.
• The Reorganization was structured as a tax-free transaction for shareholders.

Negative

• Delaware Ivy High Income Opportunities Fund will be de-listed from the NYSE.
• IVH shareholders may face uncertainty due to the dissolution of the fund.

PHILADELPHIA--(BUSINESS WIRE)-- Today, Delaware Ivy High Income Opportunities Fund (the “Fund”), a New York Stock Exchange-listed closed-end fund trading under the symbol “IVH,” announced that the acquisition of substantially all of the assets of the Fund by abrdn Income Credit Strategies Fund (the “Acquiring Fund”), a New York Stock Exchange-listed closed-end fund trading under the symbol “ACP,” was completed on March 10, 2023 at approximately 5:00 pm ET (the “Reorganization”). Fund shareholders approved an Agreement and Plan of Acquisition that provided for the Reorganization at a Special Meeting of Shareholders held on November 9, 2022.

Relevant details as of the closing of the Reorganization are as follows:

FUND	NAV/SHARE ($)	CONVERSION RATIO
abrdn Income Credit Strategies Fund	7.1889	N/A
Delaware Ivy High Income Opportunities Fund	11.6110	1.615135

Any applicable fractional shares will be paid as cash-in-lieu to the applicable holder.

The Reorganization was structured as a tax-free transaction. In early 2024, shareholders of the Fund will receive a Form 1099-DIV for the calendar year 2023 that will tell shareholders how to report Fund distributions for federal income tax purposes.

The Fund will be de-listed from the New York Stock Exchange and dissolved. Questions regarding the exchange of shares of the Fund in connection with the Reorganization should be directed to 800 522-5465.

Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this press release is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this press release relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

© 2023 Macquarie Management Holdings, Inc.

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Investors

Computershare

866 437-0252

delawarefunds.com/closed-end

Media

Lee Lubarsky

347 302-3000

Lee.Lubarsky@macquarie.com

Source: Ivy High Income Opportunities Fund

FAQ

What is the completion date of the IVH acquisition by ACP?

The acquisition of Delaware Ivy High Income Opportunities Fund by abrdn Income Credit Strategies Fund was completed on March 10, 2023.

What was the NAV per share of IVH before the Reorganization?

The Net Asset Value (NAV) per share for Delaware Ivy High Income Opportunities Fund (IVH) was $11.6110 at the time of the Reorganization.

What will happen to IVH after the acquisition?

Delaware Ivy High Income Opportunities Fund will be de-listed from the NYSE and dissolved following the acquisition.

Is the Reorganization of IVH a taxable event for shareholders?

No, the Reorganization was structured as a tax-free transaction for shareholders.

What is the conversion ratio for IVH in the Reorganization?

The conversion ratio for Delaware Ivy High Income Opportunities Fund (IVH) was 1.615135 during the Reorganization.