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abrdn Income Credit Strategies Fund reports developments tied to its closed-end income fund structure, including preferred-share distributions, leverage financing, common-share capital activity and shareholder matters. The fund seeks high current income, with capital appreciation as a secondary objective, and invests primarily in debt and loan instruments across industries and geographic regions.
Recurring updates include quarterly declarations on the fund's 5.250% Series A Perpetual Preferred Shares, issuance of mandatorily redeemable preferred shares, refinancing activity, portfolio-investment funding and net asset value considerations for a closed-end fund whose shares trade on an exchange.
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.
Aberdeen 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), payable on March 31, 2022. Shareholders on record by March 21, 2022, will receive this distribution, with an ex-dividend date of March 18, 2022. The Series A Preferred Shares, rated A2 by Moody's, pay an annual dividend of $1.3125 and were issued at $25.00 per share. Distributions may include income sources beyond ordinary income, and tax treatment details will be provided in a Form 1099-DIV in January 2023.
Aberdeen 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 will be paid on December 31, 2021 to shareholders on record as of December 20, 2021, with an ex-dividend date of December 17, 2021. The Series A Preferred Shares, rated A2 by Moody's, were issued at $25.00 and have an annual dividend rate of $1.3125. Distributions may derive from sources other than ordinary income.
Aberdeen Income Credit Strategies Fund has announced a cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares (NYSE: ACP PRA). This distribution is payable on September 30, 2021, to shareholders on record as of September 20, 2021, with an ex-dividend date of September 17, 2021. The Series A Preferred Shares, rated A2 by Moody's, were issued at $25.00 per share and provide an annual dividend of $1.3125. Notably, distributions may be sourced from various income types and will be detailed in tax documents sent to shareholders in January 2022.
Aberdeen Income Credit Strategies Fund (NYSE:ACP) has successfully completed its transferable rights offering, which commenced on May 20, 2021, and closed on June 16, 2021. The offering allowed rights holders to subscribe for up to 5,812,247 common shares at a final price of $10.20 per share, generating gross proceeds of $60 million. Due to high demand, the offering was over-subscribed, and shares were allocated pro rata to those who over-subscribed. All shares offered were issued today, reflecting strong investor interest in the fund.
Aberdeen Income Credit Strategies Fund (NYSE: ACP) has completed its transferable rights offering, which commenced on May 20, 2021 and ended on June 16, 2021. The offering allowed rights holders to subscribe for up to 5,812,247 common shares at a final price of $10.20 per share, resulting in expected gross proceeds of approximately $60 million. The offering was over-subscribed, with about 64% of shares subscribed in the primary offering. Shares will be issued around June 23, 2021.
Aberdeen Income Credit Strategies Fund (NYSE: ACP) announced a $0.10 per share distribution to shareholders on June 30, 2021, with a record date of June 4, 2021 (ex-dividend on June 3, 2021). This marks a decrease from the previous monthly distribution of $0.12 per share, as noted on September 10, 2020. A Form 1099-DIV will be issued in January 2022 detailing the distributions' tax implications. The Fund's shares fluctuate in value on the NYSE. Past distribution amounts are not indicative of future performance.
The Board of Trustees of Aberdeen Income Credit Strategies Fund (NYSE: ACP) has approved a transferable rights offering for common shareholders as of May 20, 2021. Shareholders will receive one right for each share held, allowing them to purchase one new share for every three rights at a subscription price determined by a formula based on market value. The offering aims to increase the fund's assets for investment and will take place from May 20, 2021, to June 16, 2021. Additionally, the fund plans to distribute $0.10 per share on May 27, 2021.
Aberdeen Income Credit Strategies Fund (NYSE: ACP) successfully completed its offering of 1,600,000 shares of 5.25% Series A Perpetual Preferred Shares at $25 per share, generating approximately $38.2 million in net proceeds. The Fund intends to utilize these proceeds for its investment objectives and to manage outstanding borrowings. The Preferred Shares are expected to be listed on the NYSE under the symbol ACP PRA within 30 days. Investors should consider the Fund's risks and investment objectives before proceeding.
On May 3, 2021, Aberdeen Income Credit Strategies Fund (NYSE: ACP) announced the pricing of an underwritten public offering of 1,600,000 shares of 5.25% Series A Perpetual Preferred Shares at $25 per share, aiming for net proceeds of approximately $38.2 million after underwriting fees. The Fund plans to utilize the proceeds for investing in line with its objectives, working capital, and reducing debt. The Preferred Shares are expected to be listed on NYSE under the symbol 'ACP.P' within 30 days after issuance, with the offering closing on or around May 10, 2021.