PHILADELPHIA CREAM, May 10, 2021 / PRNewswire / – Aberdeen Income Credit Strategies Fund (NYSE: ACP) (the “Fund”), today announced the closing of its offering of 1,600,000 5.25% Perpetual Preferred Shares, Series A (the “Preferred Shares”). The offer, at the price of 25 $ per share, resulted in net proceeds to the Fund of approximately $ 38.2 million after payment of the subscription discounts and commissions and of the estimated offering fees payable by the Fund.
The Fund has applied to list the preferred shares on the New York Stock Exchange (“NYSE”) under the ticker symbol “ACP PRAIf the application is approved, trading on the New York Stock Exchange in the preferred shares is expected to commence within 30 days of the date of issue of the preferred shares.
The investment objective of the Fund is to seek a high level of current income, with a secondary objective of capital appreciation. The Fund intends to use the net proceeds of the offering to invest in accordance with its investment objective and policies, for general working capital purposes and / or to repay outstanding borrowings under the Fund. its credit facility.
UBS Securities LLC acted as the sole accounting manager of the offering.
Investors should carefully consider the investment objectives, risks and expenses of the Fund before investing. The prospectus supplement and the accompanying prospectus contain this and other information about the Fund and should be read carefully before investing. Copies of the Prospectus Supplement and accompanying Prospectus and other documents filed by the Fund with the Securities and Exchange Commission (“SEC”) can be obtained by visiting EDGAR on the SEC’s website at www.sec.gov.
A registration statement relating to these securities has been filed and declared effective by the Securities and Exchange Commission. This press release does not constitute an offer to sell these securities and does not solicit offers to buy such securities in any jurisdiction where the offer or sale is not permitted..
In United States, Aberdeen Standard Investments is the trade name of the following registered and affiliated investment advisers: Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Aberdeen Standard Alternative Funds Limited.
Closed funds are traded on the secondary market through one of the exchanges. The investment returns and the capital value of the Fund will fluctuate so that an investor’s shares may be worth more or less than the original cost. Equities of closed-end funds may trade above (a premium) or below (a haircut) the net asset value of the fund’s portfolio. There can be no assurance that the Fund will achieve its investment objective.
This press release contains certain statements which may include “forward-looking statements”. Forward-looking statements may be identified by the words “may”, “will”, “intend”, “expect”, “estimate”, “continue”, “plan”, “anticipate” and similar terms and the disadvantages of these terms. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated in forward-looking statements. Many factors that could have a material effect on the actual results of the Fund are the performance of the portfolio of securities held by the Fund, conditions in the financial and other US and international markets, the price at which the preferred shares trade in the markets audiences and other factors discussed. in the Fund’s preliminary prospectus supplement and accompanying prospectus and to be discussed in the Fund’s periodic filings with the SEC.
Although the Fund believes that the expectations expressed in these forward-looking statements are reasonable, actual results could differ materially from those expressed or implied in these forward-looking statements. The future financial condition and results of operations of the Fund, as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date of this press release. Except for the Fund’s ongoing obligations under federal securities laws, the Fund does not intend, and the Fund assumes no obligation, to update any forward-looking statement.
NOT INSURED BY FDIC NO BANK GUARANTEE CAN LOSE VALUE
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SOURCE Aberdeen Income Credit Strategies Fund