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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.
The abrdn Income Credit Strategies Fund (NYSE:ACP) has announced the closing date for its acquisition of assets from the First Trust High Income Long/Short Fund (NYSE:FSD). The reorganization, approved by FSD shareholders, will finalize on July 19, 2024, assuming all customary conditions are met. This reorganization will result in the cessation of FSD shares trading on the NYSE after the market closes on July 19, 2024. FSD shareholders will receive ACP shares equivalent to the net asset value of their FSD holdings.
Post-reorganization, ACP's combined net assets are projected to be approximately $765.3 million. The merger aims to provide shareholders with benefits such as economies of scale, increased liquidity, and marketability. Additionally, ACP announced a distribution payment of $0.10 per share, payable on July 31, 2024, to shareholders of record as of July 19, 2024.
First Trust Advisors L.P. (FTA) has announced that the shareholders of First Trust High Income Long/Short Fund (NYSE: FSD) have approved its reorganization with and into the abrdn Income Credit Strategies Fund (ACP). This closed-end fund merger is expected to close on July 19, 2024, subject to customary conditions. Upon completion, FSD's assets will transfer to ACP, and its liabilities will be assumed by ACP. Shareholders of FSD will receive ACP shares equivalent to their FSD holdings' net asset value. The reorganization is anticipated to be tax-free. FTA manages approximately $226 billion in assets as of May 31, 2024.
First Trust High Income Long/Short Fund (NYSE: FSD) announced its monthly common share distribution of $0.105 per share for July 2024. The distribution is payable on July 15, 2024, to shareholders of record as of July 1, 2024, with an ex-dividend date of July 1, 2024. The distribution rate is 10.05% based on the June 18, 2024 NAV of $12.54 and 10.42% based on the June 18, 2024 closing market price of $12.09. The distribution will be paid entirely in cash and will consist of net investment income, return of capital, and potentially net short-term realized capital gains. The final source and tax status will be confirmed post-2024.
The abrdn Income Credit Strategies Fund (NYSE:ACP) announced the approval of the reorganization of the First Trust High Income Long/Short Fund (NYSE:FSD) into ACP. The reorganization is expected to complete by the end of July 2024, subject to customary closing conditions. Following the reorganization, FSD shareholders will receive new ACP shares based on the net asset values. The combined net assets will approximate $765 million. Benefits include economies of scale, increased fund viability, liquidity, and marketability.
First Trust Advisors announced the outcome of a joint special meeting of shareholders for First Trust High Income Long/Short Fund (FSD) and First Trust/abrdn Global Opportunity Income Fund (FAM), held on May 30, 2024. Shareholders have approved the reorganization of FSD with and into abrdn Income Credit Strategies Fund (ACP), with the transition expected to close by July 2024. Upon completion, FSD's assets will transfer to ACP, and FSD shareholders will receive ACP shares of equal value. However, the special meeting for FAM has been adjourned to June 18, 2024, to allow more time for shareholder voting.
First Trust High Income Long/Short Fund (NYSE: FSD) declared its monthly common share distribution of $0.105 per share for June 2024, payable on June 17, 2024, to shareholders of record as of June 3, 2024. The ex-dividend date is June 3, 2024. The distribution rates are based on the May 17, 2024, NAV of $12.57 (10.02%) and the closing market price of $11.95 (10.54%). The distribution may consist of net investment income, return of capital, and net short-term realized capital gains. The Fund primarily invests in a diversified portfolio of high-yield corporate fixed-income securities from U.S. and foreign issuers, including emerging markets. The Fund's advisor, First Trust Advisors L.P., oversees assets of approximately $218 billion. MacKay Shields serves as the sub-advisor, managing around $140.7 billion in assets. The Fund is subject to various risks including market, credit, interest rate, and investment risks in high-yield and non-U.S. securities.
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