CION Investment Corporation Announces Issuance of Approximately $34 Million of Additional Series A Unsecured Notes in Israel
October 11 2023 - 8:00AM
Business Wire
Additional Series A Unsecured Notes are
rated A1.il
CION Investment Corporation (NYSE: CION) (“CION”) announced
today that it closed an additional offering in Israel of
approximately $33.7 million in aggregate principal amount of its
Series A Unsecured Notes due 2026 (the “Additional Notes”). The
Additional Notes were issued by way of expanding, and have the same
terms and conditions as, the existing Series A Unsecured Notes due
2026 that were issued by CION in February 2023.
The Additional Notes will bear interest at a floating rate equal
to the Secured Overnight Financing Rate plus a credit spread of
3.82% per year, which will be paid quarterly commencing on November
30, 2023. The Additional Notes will mature on August 31, 2026 and
may be redeemed in whole or in part at CION’s option at par plus a
“make-whole” premium, if applicable. The Additional Notes will be
general, unsecured obligations and rank equal in right of payment
with all of CION’s existing and future unsecured indebtedness. The
Additional Notes are rated A1.il by Midroog Ltd., an affiliate of
Moody’s.
The Additional Notes listed and commenced trading on the Tel
Aviv Stock Exchange Ltd. (the “TASE”) on October 10, 2023. CION
expects to use the net proceeds of this offering to make
investments in portfolio companies in accordance with its
investment objectives and for working capital and general corporate
purposes.
Leader Underwriters (1993) Ltd. is acting as sole distributor
and advisor for this offering.
The Additional Notes were sold in an offshore transaction to
certain non-U.S. persons outside the United States pursuant to
Regulation S under the Securities Act of 1933, as amended (the
“Securities Act”). This announcement does not constitute an offer
to sell or a solicitation of an offer to buy any of the Additional
Notes, nor shall there be any offer, solicitation or sale in any
state or jurisdiction in which such an offer, solicitation or sale
would be unlawful. The Additional Notes have not been registered
under the Securities Act or any state securities laws and may not
be offered or sold in the United States absent registration or an
applicable exemption from such registration requirements.
Michael A. Reisner, co-CEO of CION stated, “We are grateful for
the continued enthusiastic backing and keen interest shown by
institutional investors from Israel for this offering. This
offering allows us to remain naturally hedged with our
predominantly floating rate investment portfolio and allows us to
attractively invest in all interest rate environments without
having to speculate on the timing, sizing, and direction of future
actions of the Federal Reserve. We continue to see robust deal flow
as we aim to deliver steady returns to our shareholders over the
long haul.”
ABOUT CION INVESTMENT CORPORATION
CION Investment Corporation is a leading publicly listed
business development company that had approximately $1.8 billion in
total assets as of June 30, 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 February 28, 2023 and
October 11, 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/20231011595879/en/
Media Susan Armstrong sarmstrong@cioninvestments.com
Investor Relations 1-800-343-3736
Analysts and Institutional Investors James Carbonara
Hayden IR (646)-755-7412 James@haydenir.com
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