PHILADELPHIA, June 17, 2021 /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
May 20, 2021 and expired on
June 16, 2021 (the "Expiration
Date").
The Offer entitled rights holders to subscribe for up to an
aggregate of 5,812,247 of the Fund's common shares of beneficial
interest, par value $0.001 per share
("Common Shares"). The final subscription price was $10.20 per Common Share and was determined based
upon a formula equal to 92.5% of the average of the last reported
sales price of a Common Share on the New York Stock Exchange
("NYSE") 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 $60 million (including oversubscription requests
and notices of guaranteed delivery). Approximately 64% of the
Common Shares were subscribed for in the primary subscription and
the remaining shares were subscribed for pursuant to the
over-subscription privilege.
The over-subscription requests exceeded the over-subscription
shares available. As a result, the available oversubscription
shares will be allocated pro rata among those fully exercising
record date shareholders who oversubscribed based on the number of
Rights originally issued to them by the Fund. The Fund will return
to those investors that submitted over-subscription requests the
full amount of their excess payments.
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 June 23,
2021.
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 Common Shares trade on the NYSE 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 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
(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
aberdeenacp.com
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SOURCE Aberdeen Income Credit Strategies Fund