Financing ·
CION raises $132.3M via $125M senior secured notes to fund new joint venture
CICBCION Investment Corp
CION Investment Corp entered into an Amended and Restated LLC Agreement for a new joint venture, Senior Loan Fund Partners, LLC, capitalized with $125 million in senior secured notes issued to institutional investors at 98.25% of par and $59.7 million in membership interests. CION holds 80% of the common LLC interests while investors hold 20% preferred interests carrying an 11.50% cumulative annual dividend. The joint venture acquired a portfolio of 20 senior secured first lien loans from CION with an aggregate par value of approximately $180.3 million for a fair value of $180.0 million. CION received net proceeds of approximately $132.3 million to repay outstanding debt and fund general corporate purposes. The notes bear interest at SOFR plus 4.75% with a seven-year maturity, and the joint venture has a two-year investment period governed by a four-member board requiring unanimous approval for material decisions. CION Investment Management serves as administrator. This company operates in the alternative asset management industry, specifically focusing on direct lending and credit investments.