Abrdn Income Credit Strategies Fund
ACP-PA
New York Stock Exchange19.00
USD
-0.14
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Abrdn Income Credit Strategies Fund
ACP-PA
(New York Stock Exchange)
Recent
price
19.00
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
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in mil. unless spec.- Similar Companies
- Business
- abrdn Income Credit Strategies Fund (ACP-PA) is a diversified, closed-end management investment company that seeks a high level of current income, with a secondary objective of capital appreciation, by investing primarily in global below-investment-grade debt and loan instruments, including senior secured loans, corporate bonds, and other credit obligations across various industries and geographic regions such as the United States, Europe, United Kingdom, Canada, and emerging markets; the Fund may also hold common stocks, preferred stocks, bank loans, and short-term investments. Launched on October 12, 2010 and domiciled in the United States, the Fund is headquartered at 1900 Market Street, Suite 200, Philadelphia, PA 19103, with abrdn Investments Limited serving as investment adviser and abrdn Inc. as sub-adviser. It employs leverage through a senior secured revolving credit facility, which stood at $240 million as of October 31, 2024 (up from $105 million the prior year, under a facility amended in July 2024 to $300 million expiring July 2025), and 5.25% Series A Perpetual Preferred Shares with a $40 million liquidation preference. In recent major developments, the Fund completed tax-free reorganizations acquiring First Trust High Income Long/Short Fund (FSD) on July 19, 2024, boosting combined net assets to approximately $765 million with enhanced scale, liquidity, and economies; and First Trust/abrdn Global Opportunity Income Fund (FAM) on September 20, 2024. Morgan Stanley increased its stake to 7.3 million shares (valued at around $48 million) as of September 30, 2024. The Fund reduced its monthly common share distribution from $0.10 to $0.0775 per share effective January 2025 (annualized rate from 18% to 14% of NAV), while declaring a December 31, 2025 distribution on Series A Preferred Shares.
Company News
abrdn Income Credit Strategies Fund 5.25% Series A Perpetual Preferred Shares Declare Quarterly Dividend
ABRDN INCOME CREDIT STRATEGIES FUND 5.25% SERIES A PERPETUAL PREFERRED SHARES DECLARE QUARTERLY DIVIDEND