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abrdn Income Credit Strategies Fund (ACP) and First Trust High Income Long/Short Fund (FSD) Announce Closing of Reorganization

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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.

Il fondo abrdn Income Credit Strategies (NYSE:ACP) e il fondo First Trust High Income Long/Short (NYSE:FSD) hanno completato la loro riorganizzazione il 19 luglio 2024. Gli azionisti di FSD hanno ricevuto azioni ordinarie di ACP con un valore patrimoniale netto equivalente. Il rapporto di conversione è stato di 1,893482, con il NAV per azione di ACP pari a 6,6326 dollari alla data di chiusura. Non sono previsti cambiamenti per gli obiettivi, le strategie o le politiche di investimento di ACP dopo la riorganizzazione.

abrdn, che gestisce oltre 472,8 miliardi di dollari in asset al 31 marzo 2024, dà il benvenuto agli azionisti di FSD nella sua famiglia di fondi. L'azienda sottolinea la sua presenza globale e l'impegno a creare valore a lungo termine per i clienti. First Trust Advisors LP, il precedente consulente di FSD, gestisce circa 228 miliardi di dollari in asset al 30 giugno 2024.

El fondo abrdn Income Credit Strategies (NYSE:ACP) y el fondo First Trust High Income Long/Short (NYSE:FSD) han completado su reorganización el 19 de julio de 2024. Los accionistas de FSD recibieron acciones ordinarias de ACP con un valor neto de activos equivalente. La proporción de conversión fue de 1.893482, con el NAV por acción de ACP en 6.6326 dólares en la fecha de cierre. No se prevén cambios en los objetivos de inversión, estrategias o políticas de ACP después de la reorganización.

abrdn, que gestiona más de 472.8 mil millones de dólares en activos al 31 de marzo de 2024, da la bienvenida a los accionistas de FSD a su familia de fondos. La empresa enfatiza su presencia global y el compromiso de crear valor a largo plazo para los clientes. First Trust Advisors LP, el antiguo asesor de FSD, gestiona aproximadamente 228 mil millones de dólares en activos al 30 de junio de 2024.

abrdn 인컴 크레딧 전략 펀드(NYSE:ACP)와 퍼스트 트러스트 하이 인컴 롱/쇼트 펀드(NYSE:FSD)가 2024년 7월 19일 재편성을 완료했습니다. FSD 주주들은 동등한 순자산가치를 가진 ACP 보통주를 받았습니다. 전환 비율은 1.893482였으며, ACP의 주당 순자산가치는 마감일에 6.6326달러였습니다. 재편성 이후 ACP의 투자 목표, 전략 또는 정책에 대한 변화는 계획되어 있지 않습니다.

abrdn은 2024년 3월 31일 기준으로 4728억 달러 이상의 자산을 관리하고 있으며, FSD 주주들을 자사 펀드 가족에 환영합니다. 회사는 글로벌 존재감과 고객을 위한 장기 가치 창출에 대한 헌신을 강조합니다. FSD의 이전 고문인 퍼스트 트러스트 어드바이저스 LP는 2024년 6월 30일 기준으로 약 2280억 달러의 자산을 관리하고 있습니다.

Le fonds abrdn Income Credit Strategies (NYSE:ACP) et le fonds First Trust High Income Long/Short (NYSE:FSD) ont achevé leur réorganisation le 19 juillet 2024. Les actionnaires de FSD ont reçu des actions ordinaires d'ACP d'une valeur nette d'actif équivalente. Le ratio de conversion était de 1,893482, avec un NAV par action d'ACP de 6,6326 dollars à la date de clôture. Aucun changement n'est prévu pour les objectifs, les stratégies ou les politiques d'investissement d'ACP après la réorganisation.

abrdn, gérant plus de 472,8 milliards de dollars d'actifs au 31 mars 2024, souhaite la bienvenue aux actionnaires de FSD dans sa famille de fonds. L'entreprise souligne sa présence mondiale et son engagement à créer de la valeur à long terme pour ses clients. First Trust Advisors LP, l'ancien conseiller de FSD, gère environ 228 milliards de dollars d'actifs au 30 juin 2024.

Der abrdn Income Credit Strategies Fund (NYSE:ACP) und der First Trust High Income Long/Short Fund (NYSE:FSD) haben am 19. Juli 2024 ihre Reorganisation abgeschlossen. Die FSD-Aktionäre erhielten ACP-Stammaktien mit einem entsprechenden Nettovermögenswert. Das Umwandlungsverhältnis betrug 1,893482, mit einem NAV pro Aktie von ACP bei 6,6326 Dollar am Abschlussdatum. Es sind keine Änderungen an den Anlagezielen, -strategien oder -richtlinien von ACP nach der Reorganisation geplant.

abrdn verwaltet über 472,8 Milliarden Dollar an Vermögenswerten zum 31. März 2024 und heißt die FSD-Aktionäre in seiner Fondsfamilie willkommen. Das Unternehmen betont seine globale Präsenz und sein Engagement, langfristigen Wert für die Kunden zu schaffen. First Trust Advisors LP, der frühere Berater von FSD, verwaltet zum 30. Juni 2024 etwa 228 Milliarden Dollar an Vermögenswerten.

Positive
  • Successful completion of fund reorganization, potentially increasing ACP's asset base
  • No changes to ACP's investment strategy, maintaining consistency for existing shareholders
  • abrdn's substantial assets under management of $472.8 billion, indicating strong market position
Negative
  • None.

PHILADELPHIA, PA and WHEATON, IL / ACCESSWIRE / July 22, 2024 / abrdn Income Credit Strategies Fund (NYSE:ACP) ("ACP" or the "Acquiring Fund") and First Trust High Income Long/Short Fund (NSYE:FSD) ("FSD" or the "Acquired Fund") announce today the completed reorganization of the Acquired Fund with the Acquiring Fund after close of regular business on July 19, 2024.

In the reorganization, common shareholders of FSD received an amount of ACP common shares with a net asset value equal to the aggregate net asset value of their holdings of FSD common shares, as determined at the close of regular business on July 19, 2024.

Relevant details pertaining to the reorganization are as follows:

Acquiring Fund

Website for additional information

Acquired Fund

Acquiring Fund NAV per Share ($)

7/19/24

Conversion Ratio

ACP

abrdnacp.com

FSD

6.6326

1.893482

There are no proposed changes to the current investment objective, strategies, structure, or policies of the Acquiring Fund as a result of the reorganization.

abrdn welcomes the FSD shareholders to the abrdn Fund family. As a leading global asset manager, abrdn is dedicated to creating long-term value for our clients. As of March 31, 2024, abrdn manages over $472.8 billion in assets on behalf of institutional and retail clients worldwide and believes that our global footprint ensures that we are always close to our clients and the challenges they face. For more information on the abrdn range of open-end and closed-end mutual funds please visit abrdn.com/us.

Important Information

In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited., abrdn Asia Limited, and abrdn ETFs Advisors LLC.

First Trust Advisors LP. ("FTA") is a federally registered investment advisor and serves as the investment advisor of the Fund. FTA and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $228 billion as of June 30, 2024, through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds, and separate managed accounts.

FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

The information in this press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Acquiring 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 the Acquiring Fund will achieve its investment objective. Past performance does not guarantee future results.

abrdnacp.com

###

For More Information Contact:

abrdn U.S. Closed-End Funds
Investor Relations
1-800-522-5465
Investor.Relations@abrdn.com

First Trust Advisors L.P.
1-800-988-5891
info@ftportfolios.com

SOURCE: abrdn Income Credit Strategies Fund



View the original press release on accesswire.com

FAQ

What was the conversion ratio for the ACP and FSD fund reorganization on July 19, 2024?

The conversion ratio for the reorganization of First Trust High Income Long/Short Fund (FSD) into abrdn Income Credit Strategies Fund (ACP) was 1.893482 on July 19, 2024.

What was ACP's NAV per share on the closing date of the reorganization with FSD?

ACP's NAV per share was $6.6326 on July 19, 2024, the closing date of the reorganization with FSD.

Will there be any changes to ACP's investment objectives after the reorganization with FSD?

No, there are no proposed changes to ACP's current investment objectives, strategies, structure, or policies as a result of the reorganization with FSD.

How much in assets does abrdn manage as of March 31, 2024?

As of March 31, 2024, abrdn manages over $472.8 billion in assets on behalf of institutional and retail clients worldwide.

abrdn Income Credit Strategies Fund

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