CION Investment Corporation Launches $150 Million Unsecured Notes
CION Investment Corporation Launches $150 Million Unsecured Notes
Recently, CION Investment Corporation (NYSE: CION) declared the pricing of its underwritten public offering of unsecured notes, totaling an impressive $150 million in aggregate principal amount. This initiative is primarily designed to support the company's financial strategies while providing significant capital for future endeavors.
Details of the Offering
The unsecured notes, which are due in 2029, will yield net proceeds of around $145.4 million for the company after accounting for the underwriting discounts, commissions, and estimated offering expenses. These notes will mature on December 30, 2029, offering flexibility for CION as they may be redeemed wholly or partially starting December 30, 2026. Investors can anticipate quarterly interest payments at an attractive rate of 7.50%, with the initial payment set to occur on December 30, 2024.
Underwriters and Closing Conditions
Additionally, CION has provided underwriters with a 30-day option to purchase an extra $22.5 million in notes to address any possible overallotments. The closing of this offering is projected to occur shortly, contingent upon standard closing conditions.
Utilization of Proceeds
The funds generated from this offering will primarily be allocated toward reducing borrowings under CION's senior secured credit facility with JPMorgan Chase Bank. This strategic move aims to enhance the company's financial position and stability, ensuring a balanced capital structure moving forward.
Company Overview
CION Investment Corporation stands as a prominent public business development company with total assets nearing $2.0 billion, reflecting its robust standing within the investment landscape. Its focus is to generate consistent income and occasional capital appreciation, primarily through senior secured loans to U.S. middle-market companies.
Investment Considerations
Investors are encouraged to meticulously calculate their investment goals, risks, costs, and potential benefits when considering purchasing these unsecured notes. Prospective investors should review the preliminary prospectus supplement and the accompanying base prospectus, which contains crucial information regarding CION's operations and the specific offering details.
Frequently Asked Questions
What is the total amount of unsecured notes issued by CION?
CION Investment Corporation has priced an offering of $150 million in unsecured notes due in 2029.
What is the interest rate of the unsecured notes?
The notes will bear an interest rate of 7.50% per year, with interest payments made quarterly.
When is the maturity date for the unsecured notes?
The notes will mature on December 30, 2029, with the option for redemption starting December 30, 2026.
How does CION plan to utilize the proceeds from the offering?
The net proceeds will primarily be used to pay down borrowings under CION's senior secured credit facility with JPMorgan Chase Bank.
Is CION Investment Corporation a publicly listed company?
Yes, CION Investment Corporation is a publicly listed business development company traded on the NYSE under the ticker CION.
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