CION Investment Corporation Enters Into a New Three-Year $125 Million Loan Agreement With UBS
Provides Improved Economic Terms and More Constructive Operating Provisions
CION Investment Corporation (NYSE:CION) ("CION") announced today that it has terminated its existing senior secured repurchase facility with UBS AG, London Branch ("UBS") and simultaneously entered into a new senior secured credit facility with UBS.
Under the new $125 million senior secured credit facility, the credit spread on the floating interest rate payable by CION on all advances was reduced by 45 basis points, 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 2.75% per year. All outstanding advances must be repaid by the final maturity date of February 13, 2028. CION incurred certain customary costs and expenses in connection with these transactions.
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 September 30, 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 February 19, 2025, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250219907851/en/
Media
Susan Armstrong
[email protected]
Investor Relations
Charlie Arestia
[email protected]
(646) 253-8259