The Fund announced that it has priced an underwritten public offering of 1,600,000 shares of 5.25% Series A Perpetual Preferred Shares at a public offering price of $25 per share, which will result in net proceeds to the Fund of approximately $38.2 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Fund.
The Fund has applied to list the Preferred Shares on the New York Stock Exchange (“NYSE”) under the ticker symbol “ACP.P.” If the application is approved, trading on the NYSE in the Preferred Shares is expected to begin within 30 days following the issuance date of the Preferred Shares .

The Fund’s investment objective is to seek a high level of current income, with a secondary objective of capital appreciation. The Fund intends to use the net proceeds from the offering to invest in accordance with its investment objective and policies, for general working capital purposes and/or to pay down outstanding borrowings under its credit facility. The offering is expected to close on or about May 10, 2021, subject to the satisfaction of customary closing conditions. As of 2021-05-03, the Fund’s leverage was 31.0% and High Yield Bond Funds Group leverage was 22.4%.