CION INVESTMENT CORP: Entering into a Material Definitive Agreement, Creating a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (Form 8-K)
Item 1.01. Conclusion of a significant definitive agreement.
Advances under the More Term Loan bear interest at a floating rate equal to the three-month guaranteed overnight financing rate (“SOFR”) plus a credit spread of 3.50% per annum and subject to a SOFR floor of 1.0%, payable quarterly in arrears. Advances under the More Term Loan mature on
The advances under the longer-term loan are general unsecured obligations of CION which rank pari passu with all existing and future unsecured unsubordinated debt issued by CION, junior to any secured debt of CION (including unsecured debt that CION subsequently secures) to the extent of the value of the assets securing such debts, and are structurally less than all existing and future debts (including trade payables) incurred by certain subsidiaries, financing vehicles or similar facilities of CION.
The Term Loan Agreement contains other terms and conditions, including, but not limited to, positive and negative clauses such as (i) disclosure of information, (ii) continuation of CION status in as a business development company within the meaning of the Investment Companies Act 1940, as amended, (iii) minimum equity of 60% of the net asset value of CION at the end of the financial year
The foregoing description of the Term Loan Agreement as set forth in this Section 1.01 is a summary only and is qualified in all respects by the terms of such Agreement, a copy of which is attached hereto as Appendix 10.1 and is incorporated by reference herein.
Section 2.03. Creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant.
The information in Section 1.01 of this Current Report on Form 8-K is incorporated by reference into this Section 2.03.
Item 9.01. Financial statements and supporting documents.
(d) Exhibits. 10.1 Unsecured Term Loan Facility Agreement, dated as of
April 27, 2022, by and between CĪON Investment Corporationand More Provident Funds and Pension Ltd. 99.1 Press Release dated April 27, 2022.
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