Avenue Income Credit Strategies Fund Announces the Results of Its Rights Offering

Avenue Income Credit Strategies Fund

announces the results of its transferable rights offering. The Offer commenced on February 24, 2012 and expired on March 23, 2012 (the "Expiration Date"). The Offer entitled the rights holders to subscribe for an aggregate of up to 2,450,466 common shares of beneficial interest of the Fund ("Common Shares"). The subscription price was $15.31 per Common Share and was determined based upon a formula equal to 90% of the average of the last reported sales price of a Common Share on the New York Stock Exchange on the Expiration Date and each of the four (4) preceding trading days. The Offer was over-subscribed. Common Shares will be issued promptly after completion of shareholder payments and the pro-rata allocation of Common Shares in respect of the over-subscription privilege.