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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CION Investment Corporation | NYSE:CION | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.075 | 0.61% | 12.285 | 12.285 | 12.15 | 12.20 | 85,878 | 17:18:36 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported):
(Exact Name of Registrant as Specified in Charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) |
( |
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(Registrant’s telephone number, including area code) |
Not applicable | ||
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01. Regulation FD Disclosure.
On July 22, 2024, CĪON Investment Corporation (“CION”) issued a press release announcing the amendment to and extension of its senior secured credit facility with JPMorgan Chase Bank, National Association. A copy of the press release announcing the foregoing is attached hereto as Exhibit 99.1.
The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by CION for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) | Exhibits. |
99.1 | Press Release dated July 22, 2024. |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CĪON Investment Corporation
| ||
Date: | July 22, 2024 | By: /s/ Michael A. Reisner |
Co-Chief Executive Officer |
EXHIBIT LIST
EXHIBIT NUMBER |
DESCRIPTION |
99.1 | Press Release dated July 22, 2024 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Exhibit 99.1
CION INVESTMENT CORPORATION AMENDS AND EXTENDS ITS SENIOR SECURED CREDIT FACILITY, PROVIDING IMPROVED ECONOMIC TERMS AND MORE CONSTRUCTIVE OPERATING PROVISIONS
NEW YORK, NY (July 22, 2024) – 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.
CONTACTS
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
###
Cover |
Jul. 22, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 22, 2024 |
Entity File Number | 000-54755 |
Entity Registrant Name | CĪON Investment Corporation |
Entity Central Index Key | 0001534254 |
Entity Tax Identification Number | 45-3058280 |
Entity Incorporation, State or Country Code | MD |
Entity Address, Address Line One | 100 Park Avenue |
Entity Address, Address Line Two | 25th Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10017 |
City Area Code | 212 |
Local Phone Number | 418-4700 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, par value $0.001 per share |
Trading Symbol | CION |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
1 Year CION Investment Chart |
1 Month CION Investment Chart |
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