CION Investment has amended and extended its $675 million senior secured credit facility with JPMorgan Chase Bank.
Under the amendment, the credit spread on the floating interest rate payable on all borrowings was reduced from the three-month SOFR plus a credit spread of 3.20% per year to SOFR plus a credit spread of 2.55% per year. Also under the amendment, the reinvestment period was extended from July 15, 2024 to June 15, 2026 and the maturity date was extended from May 15, 2025 to June 15, 2027.
CION incurred certain customary costs and expenses in connection with the amendment and will pay an annual administrative fee.
“JPMorgan has been a longstanding strategic lending partner to CION, and we are pleased to continue to work with them to amend and extend our existing credit facility at more attractive terms, helping to reduce our overall cost of capital and providing us with greater financial flexibility,” Keith Franz, chief financial officer of CION, said.
