CION Investment Corp (CION): debt financing — CION issues $80.7M Series A unsecured notes due 2026, SOFR+3.82%, rated A1.il by Midroog

CION Investment Corp

Issued ~$80.7M aggregate principal of Series A Unsecured Notes due August 31, 2026.
Net proceeds of ~$77.9M to be used for portfolio investments, working capital, and general corporate purposes.
Notes bear variable interest at SOFR plus a fixed margin of 3.82% per year, paid quarterly.
Notes listed and commenced trading on the Tel Aviv Stock Exchange on February 28, 2023; common stock also listed on TASE on February 26.
Covenants include minimum shareholders' equity of $525M and asset coverage ratio not less than 150%.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CION Investment Corp incurred senior notes of $80.7 million with Mishmeret Trust Company Ltd. at SOFR plus a credit spread of 3.82% per year maturing August 31, 2026.

Instrument: senior notes
Principal: $80.7 million
Counterparty: Mishmeret Trust Company Ltd.
Rate: SOFR plus a credit spread of 3.82% per year
Maturity: August 31, 2026
Event: incurrence

Exact text from the filing

On February 28, 2023, CĪON Investment Corporation (“CION”) entered into a Deed of Trust (the “Deed of Trust”) with Mishmeret Trust Company Ltd., as trustee, under which CION issued approximately $80.7 million in aggregate principal amount of its Series A Unsecured Notes due 2026 (the “Notes”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CION Investment Corp entered into Deed of Trust with Mishmeret Trust Company Ltd. valued at approximately $80.7 million (effective 2023-02-28).

Action: entry
Agreement: notes offering
Counterparty: Mishmeret Trust Company Ltd.
Value: approximately $80.7 million
Effective: 2023-02-28

Exact text from the filing

On February 28, 2023, CĪON Investment Corporation (“CION”) entered into a Deed of Trust (the “Deed of Trust”) with Mishmeret Trust Company Ltd., as trustee, under which CION issued approximately $80.7 million in aggregate principal amount of its Series A Unsecured Notes due 2026 (the “Notes”).

View on SEC.gov

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CION Investment Corp filing history →

Source: SEC EDGAR

accession 0001104659-23-026755

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