Business Context and Reporting Period
This Form 8-K filing by CION Investment Corporation (CIC) covers events occurring between December 9, 2020, and December 14, 2020, with the report filed on December 15, 2020. The company is a Maryland corporation focused on investment activities, including joint ventures in senior secured loans.
Key Financial Metrics
This filing does not provide specific financial statements, revenue, profit, cash flow, or margin data. The only quantifiable financial event disclosed is the full repayment of a senior secured credit facility by a joint venture subsidiary.
Material Changes
- Expense Support Agreement Extension: On December 9, 2020, CIC entered into a Third Amended and Restated Expense Support and Conditional Reimbursement Agreement with CION Investment Management, LLC. This amendment extends the termination date of the agreement from December 31, 2020, to December 31, 2021, with no other material terms changed.
- Debt Repayment: On December 14, 2020, CION SOF Funding, LLC (a joint venture owned 87.5% by CIC and 12.5% by BCP Special Opportunities Fund I, LP) repaid all outstanding amounts under its senior secured credit facility with Morgan Stanley Bank, N.A.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or specific risk factors beyond the standard incorporation of the amended agreement by reference. The repayment of the credit facility by the joint venture indicates a reduction in leverage for that specific entity.
Investor Verification Checklist
- Verify the terms of the Third Amended Expense Support Agreement (Exhibit 10.1) to understand the conditions for reimbursement and the financial impact of the extension.
- Confirm the impact of the CION SOF Funding, LLC debt repayment on the consolidated balance sheet and liquidity position of CIC.
- Review the ownership structure and performance of the joint venture (CION SOF Funding, LLC) given the 87.5% stake held by CIC.