PHILADELPHIA CREAM, April 28, 2021 / PRNewswire / – Aberdeen Income Credit Strategies Fund (NYSE: ACP) (the “Fund”), today announced its intention to offer shares of its Perpetual Preferred Shares Series A (the “Preferred Shares”) in a public offering. The completion of the proposed offer is dependent on several factors, including usual closing, market conditions and other conditions. The Fund has applied to list the preferred shares on the New York Stock Exchange (“NYSE”) under the symbol “ACP.P”. If the application is approved, trading on the NYSE of 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 is acting as the sole accounting manager of the offering.
The information contained in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and is subject to change. 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.
Investors should carefully consider the investment objectives, risks and expenses of the Fund before investing. The preliminary 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 (when completed) and the accompanying prospectus can be obtained free of charge by calling UBS Securities LLC toll-free at 1-888-827-7275. Copies of these documents, once finalized, and other documents that 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.
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.
This press release contains certain statements which may include “forward-looking statements”. Forward-looking statements may be identified by the words “may”, “will”, “intention”, “expect”, “estimate”, “continue”, “plan”, “anticipate” and similar terms and the negative aspects of these terms. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by 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 public 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.
NON FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
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SOURCE Aberdeen Income Credit Strategies Fund