CION Plans to Pay Down Debt With Proceeds From $150M Unsecured Notes Offering

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.