abrdn Income Credit Strategies Fund 5.25% Series A Perpetual Preferred Shares Declare Quarterly Dividend
Rhea-AI Summary
The Board of Trustees of abrdn Income Credit Strategies Fund has declared a quarterly cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares (NYSE:ACP PRA). The distribution is payable on September 30, 2024, to shareholders of record on September 20, 2024. The Series A Preferred Shares, rated 'A2' by Moody's, have an annual dividend rate of $1.3125 per share and were initially issued at $25.00 per share on May 10, 2021. The Fund notes that distributions may come from various sources, including short-term and long-term capital gains or return of capital. Shareholders will receive a Form 1099-DIV in January 2025 detailing the tax treatment of these distributions.
Positive
- Consistent quarterly dividend payment of $0.328125 per share
- Series A Preferred Shares maintain an 'A2' rating from Moody's Investors Service
- Annual dividend rate of $1.3125 per share provides steady income for shareholders
Negative
- Distributions may include return of capital, potentially affecting the fund's long-term sustainability
- Actual sources of distributions subject to change based on investment performance and tax regulations
AI-generated analysis. How Rhea-AI works. Not financial advice.
PHILADELPHIA, PA / ACCESSWIRE / September 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
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