CION Investment Corporation Decreases Offering Price
December 19, 2018 | James Sprow | Blue Vault
On December 18, 2018, CION Investment Corporation (“CIC”) decreased its public offering price from $9.60 per share to $9.55 per share, based on a net offering price of $9.07 per share (net of selling commissions and dealer manager fees), which closely approximates an estimated net asset value per share of $8.86. This decrease in the public offering price will become effective on CIC’s December 19, 2018 weekly closing and will be first applied to subscriptions received from December 12, 2018 through December 18, 2018.
In accordance with CIC’s previously disclosed share pricing policy, certain of CIC’s directors determined that a reduction in the public offering price per share was warranted following a decline in CIC’s net asset value per share to an amount more than 2.5% below CIC’s then-current net offering price.
Although CIC decreased its public offering price on December 18, 2018 from $9.60 per share to $9.55 per share, CIC will maintain the amount of weekly cash distributions payable to shareholders of $0.014067 per share resulting in an annual distribution rate of 7.66% (based on the $9.55 per share public offering price).
CION Investment Corporation (CIC) is a non-traded business development company, or BDC, that focuses on U.S. middle market lending. CIC seeks to generate current income, reduce portfolio volatility, mitigate downside risk, and reduce portfolio correlation to traded markets.
Sources: SEC, CION Investment Corporation
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