PHILADELPHIA, May 3, 2021 /PRNewswire/ -- Aberdeen Income
Credit Strategies Fund (NYSE: ACP) (the "Fund"),
today announced that it has priced an underwritten public offering
of 1,600,000 shares of 5.25% Series A Perpetual Preferred Shares
(the "Preferred Shares") at a public offering price of $25 per share, which will result in net proceeds
to the Fund of approximately $38.2
million after payment of underwriting discounts and
commissions and estimated offering expenses 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.P." If
the application is approved, trading on the NYSE in the Preferred
Shares is expected to begin within 30 days following the issuance
date of the Preferred Shares .
The Fund's investment objective is to seek a high level of
current income, with a secondary objective of capital appreciation.
The Fund intends to use the net proceeds from the offering to
invest in accordance with its investment objective and policies,
for general working capital purposes and/or to pay down outstanding
borrowings under its credit facility. The offering is expected to
close on or about May 10, 2021,
subject to the satisfaction of customary closing conditions.
UBS Securities LLC is acting as the sole book-running manager
for the offering.
Investors should consider the Fund's investment objectives,
risks, and expenses carefully before investing. The preliminary
prospectus supplement (and the final prospectus supplement, when
available) and accompanying prospectus contain this and other
information about the Fund and should be read carefully before
investing. Copies of the preliminary prospectus supplement, final
prospectus supplement (when complete) and accompanying prospectus
may be obtained for no charge by calling UBS Securities LLC
toll-free at 1-888-827-7275. Copies of these documents, when
finalized, and other documents the Fund has filed with the
Securities and Exchange Commission ("SEC") may also be obtained by
visiting EDGAR on the SEC's website at www.sec.gov.
The information in the preliminary prospectus supplement, the
accompanying prospectus and this press release is not complete and
may be changed. A registration statement relating to these
securities has been filed with and declared effective by the
Securities and Exchange Commission. This press release is not an
offer to sell these securities and is not soliciting offers to buy
these securities in any jurisdiction where the offer or sale is not
permitted.
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 Aberdeen Standard Alternative Funds Limited.
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
of the fund's portfolio. There is no assurance that the Fund will
achieve its investment objective.
This press release contains certain statements that may include
"forward-looking statements." Forward-looking statements can be
identified by the words "may," "will," "intend," "expect,"
"estimate," "continue," "plan," "anticipate," and similar terms and
the negatives of such terms. By their nature, all forward-looking
statements involve risks and uncertainties, and actual results
could differ materially from those contemplated by the
forward-looking statements. Many factors that could materially
affect the Fund's actual results are the performance of the
portfolio of securities held by the Fund, the conditions in the
U.S. and international financial and other markets, the price at
which Preferred Shares trade in the public markets 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
such forward-looking statements are reasonable, actual results
could differ materially from those expressed or implied in such
forward-looking statements. The Fund's future financial condition
and results of operations, 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
the federal securities laws, the Fund does not intend, and the Fund
undertakes no obligation, to update any forward-looking
statement.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE
VALUE
If you wish to receive this information
electronically, please contact
Investor.Relations@aberdeenstandard.com
aberdeenacp.com
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SOURCE Aberdeen Income Credit Strategies Fund