CION Investment Corporation Announces Amendments to Its JPMorgan and UBS Credit Facilities
15 Junho 2023 - 9:00AM
Business Wire
CION Investment Corporation (NYSE: CION) (“CION” or the
“Company”) announced amendments to its credit facilities with
JPMorgan Chase Bank, National Association (“JPM”) and UBS AG
(“UBS”).
On May 15, 2023, CION amended its credit facility with JPM to
extend the reinvestment period from May 15, 2023 to May 15, 2024
and the maturity date from May 15, 2024 to May 15, 2025. Total
advances to CION remain unchanged of up to $675,000,000, but the
amount of minimum borrowing required was reduced by $50,000,000 to
$550,000,000 with a six-month non-call provision. All such advances
bear interest at a floating rate equal to the three-month SOFR,
plus a credit spread of 3.05% per year, and a LIBOR to SOFR credit
spread adjustment of 0.15%.
Additionally, on June 14, 2023, CION amended its credit facility
with UBS by extending the date on which the Notes previously sold
to UBS are required to be repurchased from November 19, 2023 to
November 19, 2024. Total principal amount of Notes that could be
sold to UBS remains unchanged of up to $150,000,000, but the
financing fee payable to UBS was revised from a floating rate equal
to the three-month LIBOR, plus a spread of 3.375% per year, to a
floating rate equal to the three-month SOFR, plus a spread of (a)
to (but excluding) November 19, 2023, 3.375% per year and a LIBOR
to SOFR spread adjustment of 0.15%, and (b) thereafter, 3.20% per
year.
“With the amendments to our JPMorgan and UBS credit facilities,
we are pleased to extend our strategic banking relationships during
these challenging market conditions. As communicated during our Q1
earnings call, we believe that these amendments reflect the strong
working relationships we have with our lenders as they continue to
support our strategy and reflect the overall strength and credit
quality of our portfolio,” stated Michael A. Reisner, co-Chief
Executive Officer of CION.
ABOUT CION INVESTMENT CORPORATION
CION Investment Corporation is a leading publicly listed
business development company that had approximately $1.9 billion in
total assets as of March 31, 2023. 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 Reports
on Form 8-K, which CION filed with the SEC on May 18, 2023 and June
15, 2023, as well as CION’s other reports filed with the SEC. A
copy of CION’s Current Reports 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/20230615165113/en/
Media Susan Armstrong sarmstrong@cioninvestments.com
Investor Relations 1-800-343-3736
Analysts and Institutional Investors Lena Cati The Equity
Group lcati@equityny.com 212-836-9611
CION Investment (NYSE:CION)
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