abrdn Income Credit Strategies Fund Series A Mandatorily Redeemable Preferred Shares Offering

On December 18, 2025, abrdn Income Credit Strategies Fund (the Fund) entered into a securities purchase agreement for the issuance and sale of 4,000,000 shares of Series A Mandatorily Redeemable Preferred Shares due December 18, 2030. The liquidation preference for these shares is $25.00 each, and the Fund received gross proceeds of $100 million. This transaction was conducted under Rule 506(c) of the Securities Act of 1933, making it exempt from registration. The Fund also adopted a Statement of Preferences for these shares, establishing their rights and preferences. The Series A Preferred Shares will have a dividend rate of 5.525% per annum, payable quarterly. The shares rank on par with other preferred shares regarding dividends and liquidation but senior to common shares. Redemption options are available under specific conditions related to asset coverage, and mandatory redemption may occur if certain financial covenants are not met. The voting rights associated with these shares are also detailed, including provisions for electing trustees under specific circumstances.