Davis Polk advised Avenue Income Credit Strategies Fund on its $135 million SEC-registered initial public offering of 6,750,000 shares of common stock. The shares are listed on the New York Stock Exchange under the symbol “ACP.”

Avenue Income Credit Strategies Fund is a newly organized, non-diversified, closed-end management investment company advised by Avenue Capital Management II, L.P. and subadvised by Avenue Europe International Management, L.P., both members of the Avenue Capital Group.

The Davis Polk investment management team included partners Nora M. Jordan and Gregory S. Rowland and associates Aaron Schlaphoff, Sharon S. Yang, Wendy M. Phillips and Albert Garner Jr. Partner Mary Conway and associates M. Ryan LaRosa (Menlo Park office) and Adam B. Perry (London office) provided tax advice. Rosemarie Melendez and Natalie Chan were the legal assistants on the transaction. Except as noted above, all members of the Davis Polk team are based in the New York office.