abrdn Income Credit Strategies Fund (ACP) and First Trust High Income Long/short Fund (FSD) Announce Closing of Reorganization
July 22 2024 - 8:55AM
Business Wire
abrdn Income Credit Strategies Fund (NYSE: ACP) (“ACP” or the
“Acquiring Fund”) and First Trust High Income Long/Short Fund
(NYSE: FSD) (“FSD” or the “Acquired Fund”) announce today the
completed reorganization of the Acquired Fund with the Acquiring
Fund after close of regular business on July 19, 2024.
In the reorganization, common shareholders of FSD received an
amount of ACP common shares with a net asset value equal to the
aggregate net asset value of their holdings of FSD common shares,
as determined at the close of regular business on July 19,
2024.
Relevant details pertaining to the reorganization are as
follows:
Acquiring
Fund
Website for
additional
information
Acquired Fund
Acquiring
Fund NAV
per Share
($)
7/19/24
Conversion
Ratio
ACP
abrdnacp.com
FSD
6.6326
1.893482
There are no proposed changes to the current investment
objective, strategies, structure, or policies of the Acquiring Fund
as a result of the reorganization.
abrdn welcomes the FSD shareholders to the abrdn Fund family. As
a leading global asset manager, abrdn is dedicated to creating
long-term value for our clients. As of March 31, 2024, abrdn
manages over $472.8 billion in assets on behalf of institutional
and retail clients worldwide and believes that our global footprint
ensures that we are always close to our clients and the challenges
they face. For more information on the abrdn range of open-end and
closed-end mutual funds please visit abrdn.com/us.
Important Information
In the United States, abrdn is the marketing name for the
following affiliated, registered investment advisers: abrdn Inc.,
abrdn Investments Limited., abrdn Asia Limited, and abrdn ETFs
Advisors LLC.
First Trust Advisors LP. (“FTA”) is a federally registered
investment advisor and serves as the investment advisor of the
Fund. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a
FINRA registered broker-dealer, are privately-held companies that
provide a variety of investment services. FTA has collective assets
under management or supervision of approximately $228 billion as of
June 30, 2024, through unit investment trusts, exchange-traded
funds, closed-end funds, mutual funds, and separate managed
accounts.
FTA is the supervisor of the First Trust unit investment trusts,
while FTP is the sponsor. FTP is also a distributor of mutual fund
shares and exchange-traded fund creation units. FTA and FTP are
based in Wheaton, Illinois.
The information in this press release is for informational
purposes only and shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities or the solicitation of any vote or approval in
any jurisdiction pursuant to or in connection with the proposed
transaction or otherwise, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in contravention of
applicable law. No offer of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
Closed-end funds are traded on the secondary market through one
of the stock exchanges. The Acquiring Fund’s investment return and
principal value will fluctuate so that an investor’s shares may be
worth more or less than the original cost. Shares of closed-end
funds may trade above (a premium) or below (a discount) the net
asset value (NAV) of the fund’s portfolio. There is no assurance
that the Acquiring Fund will achieve its investment objective. Past
performance does not guarantee future results.
abrdnacp.com
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version on businesswire.com: https://www.businesswire.com/news/home/20240722134619/en/
abrdn U.S. Closed-End Funds Investor Relations 1-800-522-5465
Investor.Relations@abrdn.com
First Trust Advisors L.P. 1-800-988-5891
info@ftportfolios.com
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