CION Investment Corp 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed on March 5, 2015, reporting an event that occurred on March 4, 2015. The filing concerns CION Investment Corporation, a Maryland corporation, and its wholly-owned financing subsidiary, Flatiron Funding, LLC.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, or general liquidity metrics. The primary financial metric disclosed relates to a specific financing arrangement:
- Total Return Swap (TRS) Capacity: The maximum aggregate market value of the loan portfolio subject to the TRS with Citibank, N.A. was increased from $600 million to $750 million.
Material Changes
The material change reported is the execution of an Eighth Amended and Restated Confirmation Letter Agreement. This agreement increased the borrowing capacity under the existing total return swap facility by $150 million. The filing states that no other material terms of the agreement were revised.
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, management commentary on future performance, or discussion of new risks or contingencies beyond the amendment of the existing swap agreement. The document serves strictly to disclose the entry into this material definitive agreement.
Investor Verification Points
- Verify the terms of the Eighth Amended and Restated Confirmation Letter Agreement attached as Exhibit 10.1.
- Confirm the impact of the increased $750 million TRS capacity on the company's leverage ratios and liquidity position in subsequent financial reports.
- Review the relationship and credit terms with Citibank, N.A. as the counterparty to the swap.