NEW YORK, March 21, 2011 /PRNewswire/ -- Avenue Income Credit Strategies Fund (NYSE: ACP), a closed-end management investment company, announced today that its Board of Trustees has approved a share repurchase program for the Fund. Under the repurchase program, the Fund is authorized to make open market purchases of its common shares as a measure to reduce any discount from net asset value in the market price of the common shares. The program authorizes the Fund to repurchase up to 10% of its outstanding common shares in any calendar year.
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The Fund is not required to make any such repurchases and there can be no assurances that it will. There also can be no assurances that any such repurchases would have the effect of reducing any discount from net asset value in the market price of the common shares. The Fund's ability to make repurchases will also be subject to regulatory requirements and to the Fund's ability to liquidate portfolio investments to raise cash for such repurchases. Investing involves risk and it is possible to lose money on any investment in the Fund.
The Fund's investment adviser is Avenue Capital Management II, L.P., and the Fund's subadviser is Avenue Europe International Management, L.P.; both entities are part of Avenue Capital Group.
SOURCE Avenue Income Credit Strategies Fund