Aberdeen Income Credit Strategies Fund Announces Final Results of Its Rights Offering


PHILADELPHIA CREAM, June 17, 2021 / PRNewswire / – Aberdeen Income Credit Strategies Fund (NYSE: ACP) (the “Fund”), a closed-end fund, today announced the successful completion of its transferable rights offering (the “Offer”). The Offer started on May 20, 2021 and expired on June 16, 2021 (expiration date “).

The offer gave rights holders the right to subscribe for up to a total of 5,812,247 common shares of beneficial interest in the Fund, par value $ 0.001 per share (“Common Shares”). The final subscription price was $ 10.20 per common share and was determined based on a formula equal to 92.5% of the average of the last published sale price of a common share on the New York Stock Exchange (“NYSE”) on the expiration date and each of the four (4) previous trading days The Offer has been oversubscribed. The gross proceeds of the Offering are expected to be approximately $ 60 million (including oversubscription requests and guaranteed delivery notices). Approximately 64% of the common shares were subscribed under the main subscription and the remaining shares were subscribed under the oversubscription privilege.

The oversubscription requests exceeded the available oversubscription actions. Consequently, the available over-subscription shares will be distributed pro rata among the shareholders on the full financial year registration date who have over-subscribed on the basis of the number of Rights initially issued to them by the Fund. The Fund will return to investors who have submitted oversubscription requests the full amount of their overpayments.

The subscribed common shares will be issued after the completion of the prorated allotment of oversubscribed shares and the receipt of all payments from shareholders. 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 such securities, and there will be no sale of such securities, in any state or jurisdiction in which such an offer, solicitation or sale is not allowed.

The Fund is managed and advised by Aberdeen Asset Managers Limited. The common shares of the Fund trade on the New York Stock Exchange under the symbol “ACP”.

In United States, Aberdeen Standard Investments is the trade name of the following affiliated and 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 exchanges. The return on investments and the capital value of the Fund fluctuate so that an investor’s shares may be worth more or less than the original cost. Closed-end fund shares may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund portfolio. There can be no assurance that the Fund will achieve its investment objective.

If you wish to receive this information electronically, please contact [email protected]


SOURCE Aberdeen Income Credit Strategies Fund

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