PHILADELPHIA, Nov. 14, 2019 /PRNewswire/ — Aberdeen Income Credit Strategies Fund (NYSE: ACP) (the “Fund”), a closed-end fund, announced today the successful completion of its transferable rights offering (the “Offer”). The Offer commenced on October 16, 2019 and expired on November 13, 2019 (the “Expiration Date”).
The Offer entitled rights holders to subscribe for up to an aggregate of 4,358,024 of the Fund’s common shares of beneficial interest, par value $0.001 per share (“Common Shares”). The final subscription price was $10.17 per Common Share and was determined based upon a formula equal to 90% of the average of the last reported sales price of a Common Share on the New York Stock Exchange on the Expiration Date and each of the four (4) preceding trading days. The Offer was over-subscribed. The gross proceeds of the Offer are expected to be approximately $44.3 million. The Common Shares subscribed for will be issued after completion of the pro rata allocation of the over-subscription shares and receipt of all shareholder payments. The Common Shares are expected to be issued on or about November 19, 2019.
This communication is not an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale is not permitted.
The Fund is managed and advised by Aberdeen Asset Managers Limited. The Fund’s shares trade on the New York Stock Exchange under the symbol “ACP”.
In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered 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 Standard Life Investments (Corporate Funds) Ltd.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The 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 Fund will achieve its investment objective.
If you wish to receive this information electronically, please contact Investor.Relations@aberdeenstandard.com
SOURCE Aberdeen Income Credit Strategies Fund