Abrdn Income Credit Strategies Fund Announces Closing Date for Acquisition

The Board of Trustees of abrdn Income Credit Strategies Fund (NYSE:ACP) has announced the closing date for the acquisition of assets from First Trust/abrdn Global Opportunity Income Fund (NYSE:FAM). The reorganization will be completed on September 20, 2024, subject to customary closing conditions.

All shares of FAM will cease trading on the New York Stock Exchange as of market close on September 20, 2024. FAM shareholders will receive new shares of ACP, based on the relative net asset values of FAM's common shares. Post-reorganization, ACP's combined net assets will be approximately $845 million.

The reorganization aims to benefit shareholders by combining the funds' assets, thus realizing economies of scale. This will ensure the viability of the combined fund by increasing scale, liquidity, and marketability.