Abrdn Income Credit Strategies Fund Announces Tentative Acquisition Date

The Board of Trustees of abrdn Income Credit Strategies Fund (NYSE:ACP) has announced that shareholders of First Trust High Income Long/Short Fund (NYSE:FSD) have approved the proposed reorganization into ACP. The reorganization is targeted to be completed by the end of July or as soon as possible thereafter, pending customary closing conditions.

As part of the reorganization, FSD shares will cease trading on the New York Stock Exchange on a date to be announced. FSD shareholders will receive newly issued shares of ACP. The reorganization will be based on the relative net asset values of the common shares of FSD. Post-reorganization, the combined net assets of ACP will be approximately $765 million as of May 30, 2024.

The reorganization aims to benefit shareholders by providing greater opportunities to realize economies of scale by combining the assets of both funds. Additionally, it is expected to increase the scale, liquidity, and marketability of the resulting combined fund, ensuring its long-term viability.