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Abrdn Income Credit Strategies Fund - ACP STOCK NEWS

Welcome to our dedicated page for Abrdn Income Credit Strategies Fund news (Ticker: ACP), a resource for investors and traders seeking the latest updates and insights on Abrdn Income Credit Strategies Fund stock.

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.

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abrdn Income Credit Strategies Fund (NYSE:ACP) and First Trust High Income Long/Short Fund (NYSE:FSD) have completed their reorganization on July 19, 2024. FSD shareholders received ACP common shares with an equivalent net asset value. The conversion ratio was 1.893482, with ACP's NAV per share at $6.6326 on the closing date. No changes are planned for ACP's investment objectives, strategies, or policies post-reorganization.

abrdn, managing over $472.8 billion in assets as of March 31, 2024, welcomes FSD shareholders to its fund family. The company emphasizes its global presence and commitment to creating long-term value for clients. First Trust Advisors LP, FSD's former advisor, manages approximately $228 billion in assets as of June 30, 2024.

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The abrdn Income Credit Strategies Fund (NYSE:ACP) has announced the closing date for its acquisition of assets from the First Trust High Income Long/Short Fund (NYSE:FSD). The reorganization, approved by FSD shareholders, will finalize on July 19, 2024, assuming all customary conditions are met. This reorganization will result in the cessation of FSD shares trading on the NYSE after the market closes on July 19, 2024. FSD shareholders will receive ACP shares equivalent to the net asset value of their FSD holdings.

Post-reorganization, ACP's combined net assets are projected to be approximately $765.3 million. The merger aims to provide shareholders with benefits such as economies of scale, increased liquidity, and marketability. Additionally, ACP announced a distribution payment of $0.10 per share, payable on July 31, 2024, to shareholders of record as of July 19, 2024.

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On June 25, 2024, abrdn U.S. Closed-End Funds held their Annual Meeting of Shareholders. Three funds were involved: abrdn Healthcare Investors (HQH), abrdn Healthcare Opportunities Fund (THQ), and abrdn World Healthcare Fund (THW). Shareholders voted to elect trustees for each fund.

For HQH, Rose DiMartino and C. William Maher were elected with over 90% of the votes. THQ's Kathleen Goetz and Todd Reit were elected with more than 97% of the votes. Lastly, Jeffrey A. Bailey and C. William Maher were elected for THW with around 97% support.

The record date for these votes was April 1, 2024, with HQH having 50,624,847 shares, THQ 41,356,058, and THW 38,244,601.

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The Board of Trustees of abrdn Income Credit Strategies Fund has declared a quarterly cash distribution of $0.328125 per share for its 5.25% Series A Perpetual Preferred Shares (NYSE: ACP PRA).

The dividend is payable on July 1, 2024, to shareholders on record as of June 21, 2024.

The annual dividend rate of these shares is $1.3125 per share, and they were initially issued on May 10, 2021, at $25 per share.

Payments may come from various income sources, including capital gains and return of capital, and tax treatment will be detailed in Form 1099-DIV sent in January 2025.

Investors should note that the Fund's value may fluctuate, and shares can trade at a premium or discount relative to NAV.

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The abrdn Income Credit Strategies Fund (NYSE:ACP) announced the approval of the reorganization of the First Trust High Income Long/Short Fund (NYSE:FSD) into ACP. The reorganization is expected to complete by the end of July 2024, subject to customary closing conditions. Following the reorganization, FSD shareholders will receive new ACP shares based on the net asset values. The combined net assets will approximate $765 million. Benefits include economies of scale, increased fund viability, liquidity, and marketability.

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abrdn Global Infrastructure Income Fund (ASGI) announced a 33% increase in distribution rate, marking a 68% increase since December 2023. The Fund's Board approved an increase in annualized distribution rate from 9% to 12%, with the distribution rate on share price now at 13.4%. This marks the third increase in distribution rate since the Fund's launch in July 2020. The new distribution policy aims to provide sustainable cash distribution to shareholders and potentially reduce the Fund's discount to NAV.

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abrdn Life Sciences Investors (HQL) and abrdn Healthcare Investors (HQH) have announced a 20% increase in distribution rates, marking a 50% increase since January 2024. The distribution rates for both funds will commence with the distributions payable on June 28, 2024. The Funds intend to maintain the increased Managed Distribution Policy for at least the next 12 months. The Investment Adviser's outlook on the healthcare sector is optimistic, with expectations of strong returns due to demographic trends, innovation, and macroeconomic factors.

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abrdn Asia-Pacific Income Investment Fund VCC (TSX:FAP) announces a monthly distribution of CAD 1.75 cents per share, maintaining a stable monthly distribution policy. Shareholders in Canada will receive distributions in Canadian dollars, treated as foreign income for tax purposes. The Company has paid total distributions of CAD 21.0 cents per share for the past 12 months.
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abrdn Income Credit Strategies Fund (ACP) declares a cash distribution of $0.328125 per share for its Series A Preferred Shares. The distribution is payable on April 1, 2024, to holders of record on March 22, 2024. The Series A Preferred Shares trade on the NYSE under the symbol ACP PRA, with an annual dividend rate of $1.3125 per share.
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abrdn Asia-Pacific Income Fund VCC (TSX:FAP) Announces Results of Annual General Meeting of Shareholders in Singapore, Elects New Directors and Auditors
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FAQ

What is the primary investment objective of ACP?

The primary investment objective of ACP is to seek a high level of current income, with a secondary objective of capital appreciation.

What types of investments does ACP focus on?

ACP predominantly invests in debt and loan instruments across various industries and geographic regions.

What recent corporate action has ACP undertaken?

On October 23, 2023, ACP's Board of Trustees announced the proposed reorganization of several closed-end investment companies advised by First Trust Advisors, L.P. into ACP, expected to be completed by the first quarter of 2024.

What is the significance of the proposed reorganization announced on October 23, 2023?

The reorganization aims to increase ACP's scale, liquidity, and marketability, potentially leading to a tighter discount or a premium to NAV over time.

How often does ACP distribute dividends?

ACP maintains a stable distribution policy, with recent examples including a cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares, payable on January 2, 2024.

Who manages ACP?

ACP is managed by abrdn, which includes several affiliated, registered investment advisers such as abrdn Inc., abrdn Investments Limited, and abrdn Asia Limited.

What are the risks associated with investing in ACP?

Like all investments, ACP's returns are subject to market fluctuations, and past performance does not guarantee future results.

Where can I find more information about ACP?

More information about ACP can be found on the abrdn website or by contacting abrdn U.S. Closed-End Funds Investor Relations at 1-800-522-5465.

What are the benefits of the Fund's reorganization?

The reorganization is expected to enhance shareholder value by increasing the Fund's scale, liquidity, and marketability, ensuring the long-term viability of the Fund.

Where is ACP listed?

ACP is listed on the New York Stock Exchange under the symbol 'ACP'.

Abrdn Income Credit Strategies Fund

NYSE:ACP

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349.66M
52.11M
19%
3.37%
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