CION Investment Corporation Amends and Extends Its Senior Secured Credit Facility, Providing Improved Economic Terms and More Constructive Operating Provisions
2024年7月22日 - 9:00PM
ビジネスワイヤ(英語)
CION Investment Corporation (NYSE: CION) (“CION”) announced
today that it has amended and extended its $675 million senior
secured credit facility with JPMorgan Chase Bank, National
Association.
Under the amendment, the credit spread on the floating interest
rate payable on all borrowings was reduced from the three-month
Secured Overnight Financing Rate (“SOFR”) plus a credit spread of
3.20% per year to SOFR plus a credit spread of 2.55% per year. Also
under the amendment, the reinvestment period was extended from July
15, 2024 to June 15, 2026 and the maturity date was extended from
May 15, 2025 to June 15, 2027.
CION incurred certain customary costs and expenses in connection
with the amendment and will pay an annual administrative fee.
Keith Franz, CFO of CION stated, “JPMorgan has been a
longstanding strategic lending partner to CION, and we are pleased
to continue to work with them to amend and extend our existing
credit facility at more attractive terms, helping to reduce our
overall cost of capital and providing us with greater financial
flexibility.”
ABOUT CION INVESTMENT CORPORATION
CION Investment Corporation is a leading publicly listed
business development company that had approximately $2.0 billion in
total assets as of March 31, 2024. CION seeks to generate current
income and, to a lesser extent, capital appreciation for investors
by focusing primarily on senior secured loans to U.S. middle-market
companies. CION is advised by CION Investment Management, LLC, a
registered investment adviser and an affiliate of CION. For more
information, please visit www.cionbdc.com.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements that
involve substantial risks and uncertainties. You can identify these
statements by the use of forward-looking terminology such as "may,"
"will," "should," "expect," "anticipate," "project," "target,"
"estimate," "intend," "continue," or "believe" or the negatives
thereof or other variations thereon or comparable terminology. You
should read statements that contain these words carefully because
they discuss CION’s plans, strategies, prospects and expectations
concerning its business, operating results, financial condition and
other similar matters. These statements represent CION’s belief
regarding future events that, by their nature, are uncertain and
outside of CION’s control. There are likely to be events in the
future, however, that CION is not able to predict accurately or
control. Any forward-looking statement made by CION in this press
release speaks only as of the date on which it is made. Factors or
events that could cause CION’s actual results to differ, possibly
materially from its expectations, include, but are not limited to,
the risks, uncertainties and other factors CION identifies in the
sections entitled "Risk Factors" and "Forward-Looking Statements"
in filings CION makes with the SEC, and it is not possible for CION
to predict or identify all of them. CION undertakes no obligation
to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
OTHER INFORMATION
The information in this press release is summary information
only and should be read in conjunction with CION’s Current Report
on Form 8-K, which CION filed with the SEC on July 18, 2024, as
well as CION’s other reports filed with the SEC. A copy of CION’s
Current Report on Form 8-K and CION’s other reports filed with the
SEC can be found on CION’s website at www.cionbdc.com and the SEC’s
website at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20240722961515/en/
Media Susan Armstrong sarmstrong@cioninvestments.com
Investor Relations Charlie Arestia
carestia@cioninvestments.com (646) 253-8259
James Carbonara Hayden IR James@haydenir.com (646) 755-7412
CION Investment (NYSE:CION)
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