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Aberdeen Income Credit Strategies Fund
Ticker Symbol: ACP CUSIP: 05358E106 Exchange: NYSE
Company's Online Profile
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FUND DESCRIPTION: Aberdeen Income Credit Strategies Fund, formerly Avenue Income Credit Strategies Fund is an exchange-traded closed-end fund or a closed-end ETF that is officially described as a non-diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Fund’s primary investment objective is to seek a high level of current income with a secondary objective of capital appreciation. FUND STRATEGY: Depending on current market conditions and the Fund’s outlook over time, the Fund seeks to achieve its investment objectives by opportunistically investing primarily in loan and debt instruments (and loan-related or debt-related instruments, including repurchase and reverse repurchase agreements and derivative instruments) of issuers that operate in a variety of industries and geographic regions. The Fund expects to emphasize high current income, with a secondary emphasis on capital appreciation, by investing generally in senior secured floating rate and fixed rate loans and in second lien or other subordinated loans or debt instruments, including non-stressed and stressed credit obligations, and related derivatives. The Fund will seek to capitalize on market inefficiencies and reallocate the portfolio of the Fund to opportunistically emphasize those investments, categories of investments and geographic exposures believed to be best suited to the current investment and interest rate environment and market outlook. An investment committee of the Fund’s investment adviser and subadviser expects to manage the allocation of the portfolio of the Fund between the adviser and the subadviser based on the availability of opportunities at the time. There is no minimum or maximum limit on the amount of the Fund’s assets that may be invested in non-U.S. credit obligations, generally, or in emerging market credit obligations, specifically. In pursuing the Fund’s investment objectives or for hedging purposes, the Fund may invest in instruments that give it short exposure to credit obligations. FUND MANAGEMENT: The Fund's investment adviser is Aberdeen Asset Managers Limited., and the Fund's investment subadviser is Aberdeen Asset Management Inc.
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Notes: Dec. 1, 2017 -- Avenue Income Credit Strategies Fund (NYSE: ACP) (the "Fund"), a closed-end fund, today announced a board-approved name change of the Fund, which will take effect on December 1, 2017. The Fund's change of name is designed to identify the Fund's new investment adviser, Aberdeen Asset Managers Limited ("AAML") and sub-adviser, Aberdeen Asset Management Inc. ("AAMI"), who assume responsibility with effect from December 1, 2017, following approval of their respective advisory and sub-advisory agreements at a Special Meeting of Shareholders held on November 16, 2017. April 12, 2013 -- The board of trustees of Avenue Income Credit Strategies Fund (NYSE: ACP) has approved the terms of the issuance of transferable rights (Rights) by the Fund to its shareholders of record as of the record date entitling the holders of these rights to subscribe for common shares of beneficial interest. The Board, based on the recommendations and presentations of Avenue Capital Management II, L.P., the Adviser and others, has determined that it is in the best interests of the Fund and the holders of its Common Shares to increase the assets of the Fund available for investment and therefore to conduct the Offer. The Fund will distribute to Common Shareholders of record one Right for each Common Share held on the record date. Common Shareholders will be entitled to purchase one new Common Share for every three Rights held (1 for 3); however any Common Shareholder who is issued fewer than three Rights will be entitled to subscribe for one Common Share of the Fund. Fractional Common Shares will not be issued. The record date for the Offer is currently expected to be April 22, 2013. The proposed subscription period is currently anticipated to expire on May 17, 2013, unless extended by the Fund. The Rights are transferable and are expected to be listed for trading on the NYSE under the symbol ACP RT"during the course of the Offer.
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IPO - 1/27/2011 - 6.75 Million Shares @ $20.00/share.
Link to IPO Prospectus
Previous Name: Avenue Income Credit Strategies Fund Changed: 12/01/2017
Small Cap Stock -
Market Value $136.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 399 Park Avenue, 6th Floor, New York, NY 10022 |
| Main Phone Number |
212-878-3500 |
| Fax Number |
Not Available |
| Investor Contact
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212-878-3500
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| Toll Free Phone Number |
888-301-3838 |
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