Abrdn Income Credit Strategies Fund Announces Closing Date for Asset Acquisition and Distribution Payment

The Board of Trustees of abrdn Income Credit Strategies Fund (NYSE:ACP) has confirmed that the acquisition of assets from First Trust High Income Long/Short Fund (NYSE:FSD) will close on July 19, 2024. The shareholders of FSD, advised by First Trust Advisors L.P., have approved the reorganization into ACP.

From market close on July 19, FSD shares will no longer trade on the New York Stock Exchange. FSD shareholders will receive newly issued shares of ACP, equivalent to the aggregate net asset value of their FSD shares. Post-reorganization, ACP's combined net assets will be approximately $765.3 million.

The reorganization aims to benefit shareholders by creating economies of scale through combining assets, thereby ensuring the viability of the larger, more liquid, and marketable fund.

ACP will also distribute $0.10 per share on July 31, 2024, to shareholders of record as of July 19, 2024.