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 (NYSE: ACP) is a diversified, closed-end management investment company that focuses on generating a high level of current income, with capital appreciation as a secondary objective. The news flow around ACP centers on its portfolio and capital structure decisions, its use of leverage, and actions taken by its board of trustees.
Investors following ACP news will see regular announcements about distributions on the fund’s 5.25% Series A Perpetual Preferred Shares, which trade under the symbol ACP PRA and are rated A2 by Moody’s Investors Service. These releases detail quarterly cash distributions, record dates, ex-dividend dates, and payment dates, as well as information about how distributions may be sourced from ordinary income, realized capital gains, or return of capital.
News items also cover the fund’s capital-raising and leverage activities. For example, ACP has reported an at-the-market equity offering program for its common shares, made under a distribution agreement and related prospectus supplement, and has announced a private offering of Series A Mandatorily Redeemable Preferred Shares. Such updates describe how proceeds may be used for refinancing existing debt and making new portfolio investments, and they outline key terms of the fund’s leverage, including credit facilities and preferred share structures.
Regulatory and strategic updates appear in press releases and related SEC filings. These include changes to the fund’s non-fundamental investment strategy regarding investments in defaulted credit obligations, as approved by the board and disclosed in a Form 8-K. Together, these news items provide insight into how the fund’s advisers manage income generation, risk, and capital structure within the closed-end fund framework.
For investors and analysts, ACP news offers ongoing information about distributions, preferred share activity, leverage, and strategy adjustments. Monitoring this stream of announcements can help users understand how the fund is implementing its stated objectives and responding to market and portfolio conditions over time.
Summary not available.
Summary not available.
abrdn Income Credit Strategies Fund (ACP) and two other funds completed reorganizations, effective March 10, 2023. Shareholders received Acquiring Fund shares equivalent to the net asset value of their previous holdings. Notably, ACP's NAV per share was 7.1889 with a conversion ratio of 1.615135. The reorganizations did not alter the funds' investment objectives or distribution policies. abrdn manages over $450 billion in assets globally as of December 31, 2022. The press release emphasizes abrdn's commitment to delivering long-term value and welcoming new shareholders.
Summary not available.
abrdn U.S. Closed-End Funds announced the upcoming completion of reorganizations involving four closed-end investment companies advised by Delaware Management Company. Effective March 13, 2023, the IVH, DEX, DDF, and MGU funds will merge into the ACP, AGD, and ASGI funds. This consolidation aims to enhance economies of scale, liquidity, and marketability, ultimately benefiting shareholders by creating larger, more viable funds. Shareholders of the Acquired Funds will receive new shares of the Acquiring Funds post-reorganization.
abrdn Income Credit Strategies Fund (NYSE: ACP PRA) has declared a cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares. This distribution will be payable on January 3, 2023, to shareholders of record as of December 20, 2022, with an ex-dividend date of December 19, 2022. The Series A Preferred Shares, rated 'A2' by Moody's, were issued at $25.00 per share and provide an annual dividend rate of $1.3125. Future distributions may come from various income sources, with tax implications detailed in Form 1099-DIV sent in January 2023.
abrdn Income Credit Strategies Fund (ACP) and abrdn Global Dynamic Dividend Fund (AGD) held special shareholder meetings on November 9, 2022, approving the issuance of additional shares for reorganizations with Delaware funds. ACP shareholders voted 11,420,419 to 1,829,195 in favor of merging with the Delaware Ivy High Income Opportunities Fund. AGD's votes were 6,515,118 to 594,880 for merging with Delaware Enhanced Global Dividend and Income Fund and Delaware Investments® Dividend and Income Fund. The reorganizations are expected to finalize in Q1 2023, pending customary conditions.
abrdn Global Infrastructure Income Fund (ASGI) has adjourned its special meeting of shareholders originally scheduled for November 9, 2022, to November 23, 2022, to gather more proxies necessary for a quorum. The meeting aims to discuss the issuance of additional common shares in connection with the reorganization of Macquarie Global Infrastructure Total Return Fund Inc. (MGU) into ASGI. The merger is expected to enhance scale and liquidity, with the goal of improving marketability and potentially increasing shareholder value.
abrdn Income Credit Strategies Fund has declared a cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares (NYSE: ACP PRA). This distribution is scheduled for September 30, 2022, with shareholders on record by September 20, 2022 and an ex-dividend date of September 19, 2022. The shares, rated A2 by Moody's, have an annual dividend rate of $1.3125. Distributions may originate from various income sources, with tax reporting details to be provided in January 2023.
The Delaware Ivy High Income Opportunities Fund (IVH) announced the approval of its reorganization into the abrdn Income Credit Strategies Fund (ACP). This transition is anticipated to finalize in Q1 2023, contingent upon shareholder approvals and customary closing conditions. Delaware Management Company manages IVH while Aberdeen Asset Managers Limited advises ACP. Shareholders are encouraged to review upcoming Proxy Statement/Prospectus documents for key information regarding the reorganization.
FAQ
What is the current stock price of abrdn Income Credit Strategies Fund (ACP)?
What is the market cap of abrdn Income Credit Strategies Fund (ACP)?
