Avenue Income Credit Declares 3 Months of Dividends
Maintaining its $0.12 per share monthly dividend payout, closed-end management investment company Avenue Income Credit Strategies Fund said yesterday it will make the payout on May 31 to the holders of record at the close of business on May 15. The stock will trade ex-dividend May 13.
Avenue Income has paid the $0.12 per share monthly dividend since December of 2011, when it was cut by $0.01. It also declared a $0.12 per share dividend for the months of June and July.
The fund's primary investment objective is to seek risk-adjusted returns with high current income and the potential for capital appreciation. It has invested in the public and private debt and equity securities of distressed companies across a variety of industries since 1995 and, as of March 31, it managed assets estimated to be approximately $11.5 billion.
The most recent dividend payment equates to a $1.44-per-share annual dividend, yielding 7.7% based on the closing price of Avenue Income Credit Strategies' stock on May 1.
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