CION Investment Corporation Announces Pricing of Public Offering of Unsecured Notes Due 2029
September 26 2024 - 6:20PM
Business Wire
CION Investment Corporation (NYSE: CION) (the “Company” or
“CION”) announced today that it has priced an underwritten public
offering of $150.0 million aggregate principal amount of unsecured
notes due 2029 (the “Notes”), which will result in net proceeds to
the Company of approximately $145.4 million after the payment of
underwriting discounts and commissions and estimated offering
expenses payable by the Company. The Notes will mature on December
30, 2029 and may be redeemed in whole or in part at any time or
from time to time at the Company’s option on or after December 30,
2026. The Notes will be issued in denominations of $25 and integral
multiples of $25 in excess thereof and will bear interest at a rate
of 7.50% per year, payable quarterly, with the first interest
payment occurring on December 30, 2024. In addition, the Company
has granted the underwriters a 30-day option to purchase up to an
additional $22.5 million aggregate principal amount of Notes to
cover overallotments, if any.
The offering is expected to close on October 3, 2024, subject to
customary closing conditions. The Company intends to list the Notes
on the New York Stock Exchange under the symbol “CICB.”
The Company intends to use the net proceeds of the offering of
the Notes to pay down borrowings under the Company’s senior secured
credit facility with JPMorgan Chase Bank, National Association.
The joint book-running managers for the offering are Keefe,
Bruyette & Woods, Inc., A Stifel Company, B. Riley Securities,
Inc., Janney Montgomery Scott LLC and Oppenheimer & Co.
Inc.
Investors are advised to carefully consider the investment
objective, risks, charges and expenses of the Company before
investing. The preliminary prospectus supplement dated September
26, 2024 and the accompanying base prospectus dated June 18, 2024,
which have been filed with the Securities and Exchange Commission
(“SEC”), contain this and other information about the Company and
should be read carefully before investing. The information in the
preliminary prospectus supplement, the accompanying prospectus and
this press release is not complete and may be changed.
A shelf registration statement relating to these securities
is on file with and has been declared effective by the SEC. The
offering may be made only by means of a preliminary prospectus
supplement and an accompanying prospectus, copies of which may be
obtained from Keefe, Bruyette & Woods, Inc., 787 Seventh
Avenue, Fourth Floor, New York, NY 10019 (telephone number
1-800-966-1559); copies may also be obtained by visiting EDGAR on
the SEC’s website at http://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities in this offering or
any other securities nor will there be any sale of these securities
or any other securities referred to in this press release in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under
the securities laws of such state or jurisdiction.
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 June 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.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240926415386/en/
Media Susan Armstrong sarmstrong@cioninvestments.com
Investor Relations Charlie Arestia
carestia@cioninvestments.com (646) 253-8259
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