CION Investment Corporation - CION STOCK NEWS

CION Investments and GCM Grosvenor announce SEC effectiveness of the CION Grosvenor Infrastructure Fund (CGIF), an interval fund structure providing individual investors access to GCM Grosvenor's institutional private infrastructure platform. The Fund is launching with approximately $300 million in seed capital, including a merger with a $220 million diversified portfolio across transportation, digital, energy, and supply chain sectors, plus an additional $80 million cash commitment. The fund aims to capitalize on infrastructure's multi-decade growth cycle, offering potential benefits like capital appreciation, income, inflation protection, and low correlation to other assets.

CION Investment reported its Q3 2024 financial results with net investment income of $0.40 per share and earnings per share of $(0.01). The company's net asset value decreased by 2.2% to $15.73 per share, primarily due to mark-to-market portfolio declines. Total investments were $1.75 billion across 103 portfolio companies, with 85.5% in senior secured loans. The company declared a Q4 2024 base distribution of $0.36 per share. Notable activities include completing a $172.5 million public bond offering, amending its credit facility with JPMorgan to reduce credit spread and extend maturity, and repurchasing 165,737 shares at an average price of $12.08.

CION Ares Diversified Credit Fund (CADC) has surpassed $6 billion in total assets under management. Launched in 2017, the Fund operates as an interval fund structure offering diversified credit strategy to individual investors through financial advisors. CADC invests in both illiquid and liquid credit investments, employing a dynamic asset allocation framework and leveraging Ares' resources and infrastructure. The Fund is distributed through RIAs, independent broker-dealers, and wirehouses, maintaining strong net capital raise with consistently low redemption rates.

CION Investment (NYSE: CION) has announced its schedule for the 2024 Third Quarter Earnings Release and Conference Call. The company will report its financial results for the quarter ended September 30, 2024, on Thursday, November 7, 2024, before the financial markets open. CION will host an earnings conference call at 11:00 a.m. ET on the same day to discuss the results.

Participants can join the call using the following dial-in numbers:

• Domestic (Toll-Free): 877-484-6065
• International (Toll): +1 201-689-8846

CION Investment (NYSE: CION) has announced the pricing of a $150.0 million public offering of unsecured notes due 2029. The notes will bear interest at 7.50% per year, payable quarterly, with the first payment on December 30, 2024. The company expects net proceeds of approximately $145.4 million after expenses. The notes will mature on December 30, 2029, with an option for early redemption from December 30, 2026. CION has granted underwriters a 30-day option to purchase up to an additional $22.5 million in notes. The offering is expected to close on October 3, 2024. CION plans to list the notes on the NYSE under the symbol 'CICB' and intends to use the proceeds to pay down borrowings under its senior secured credit facility with JPMorgan Chase Bank.

CION Investment (NYSE: CION) has announced the closure of a $100 million offering of floating rate Senior Unsecured Notes, Tranche B, due 2027. These Notes are an add-on to the 2027 Notes issued in November 2023. Key features include:

- Interest rate: Three-month SOFR plus 3.90% per year, with a 2.00% SOFR floor
- Quarterly interest payments starting November 15, 2024
- Maturity date: November 8, 2027
- Redeemable at CION's option with a potential 'make-whole' premium
- Rated investment grade

The net proceeds will be used to repay debt, make investments in portfolio companies, and for working capital. CFO Keith Franz stated that increasing unsecured debt mix remains a strategic priority for CION, positioning them well for the current macroeconomic environment.

CION Investments (CION) and GCM Grosvenor (NASDAQ: GCMG) have announced a strategic partnership to enhance individual investors' access to private market assets through financial advisors. The joint venture, named CGM, will combine CION's market insights, distribution capabilities, and product management with GCM Grosvenor's infrastructure and private markets expertise.

The partnership will initially focus on developing scalable investment solutions in infrastructure, aiming to provide individual investors with enhanced access to private market assets through innovative structures. This collaboration aims to help financial advisors build diversified portfolios for their clients, potentially offering resilience during economic downturns.

CION Investment (NYSE: CION) reported its Q2 2024 financial results ending June 30, 2024. The net investment income was $0.43 per share, with earnings per share at $0.42. The net asset value (NAV) per share increased to $16.08 from $16.05 in the previous quarter. The company announced a Q3 base distribution of $0.36 per share, payable on September 17, 2024. Highlights include:

• Net portfolio growth due to disciplined capital deployment.
• Total debt outstanding at $1.07 billion, with a net debt-to-equity ratio of 1.13x.
• Total investments at fair value of $1.82 billion across 107 portfolio companies.
• Repurchased 234,982 shares at an average price of $11.37 per share.
• Amended $675 million senior secured credit facility, reducing interest rates and extending terms.

Despite a decrease in total investment income to $61.4 million from $73.6 million, the company maintained a stable portfolio with 94.5% floating-rate performing loans.

CION Investment (NYSE: CION) has successfully amended and extended its $675 million senior secured credit facility with JPMorgan Chase Bank. The amendment brings improved economic terms and more favorable operating provisions. Key changes include:

1. Reduction in credit spread from SOFR + 3.20% to SOFR + 2.55% per year
2. Extension of reinvestment period from July 15, 2024 to June 15, 2026
3. Extension of maturity date from May 15, 2025 to June 15, 2027

CION's CFO, Keith Franz, highlighted the strategic importance of the partnership with JPMorgan and the benefits of the amended facility, including reduced cost of capital and increased financial flexibility.