Abrdn Income Credit Strategies Fund 5.25% Series A Perpetual Preferred Shares Declare Quarterly Dividend
Rhea-AI Summary
Abrdn Income Credit Strategies Fund has announced a quarterly cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares (NYSE:ACP PRA). The distribution will be paid on December 31, 2024, to shareholders of record as of December 20, 2024. The Series A Preferred Shares, rated A2 by Moody's, were initially issued on May 10, 2021, at $25.00 per share and provide an annual dividend rate of $1.3125 per share.
Distributions may come from various sources including ordinary income, capital gains, and return of capital. Shareholders will receive Form 1099-DIV in January 2025 detailing the tax treatment of these distributions for the 2024 calendar year.
Positive
- Consistent quarterly dividend payment maintained at $0.328125 per share
- Strong A2 rating from Moody's Investors Service
- Stable annual dividend yield of 5.25% based on initial share price
Negative
- Distributions may include return of capital, which could impact fund's asset base
- Fund performance may fluctuate affecting share value
News Market Reaction 1 Alert
On the day this news was published, ACP declined 4.34%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
PHILADELPHIA, PA / ACCESSWIRE / December 10, 2024 / The Board of Trustees of abrdn Income Credit Strategies Fund (the "Fund"), has declared a cash distribution of
The Series A Preferred Shares trade on the NYSE under the symbol "ACP PRA", are rated "A2" by Moody's Investors Service and have an annual dividend rate of
Distributions may be paid from sources of income other than ordinary income, such as net realized short-term capital gains, net realized long-term capital gains and return of capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. In January 2025, a Form 1099-DIV will be sent to shareholders, which will state the amount and composition of distributions and provide information with respect to their appropriate tax treatment for the 2024 calendar year.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution.
In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, and abrdn Asia Limited.
Closed-end funds are traded on the secondary market through one of the stock exchanges. A 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 a Fund will achieve its investment objective. Past performance does not guarantee future results.
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For More Information Contact:
abrdn Inc.
Investor Relations
1-800-522-5465
Investor.Relations@abrdn.com
SOURCE: Abrdn Income Credit Strategies Fund
View the original press release on accesswire.com
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