CION 34th St. ups loans to $275 million, extends to 2021; pricing cut

By Susanna Moon

Chicago, May 25 – CION Investment Corp. said wholly owned special purpose financing subsidiary 34th Street Funding, LLC increased its borrowing limits for its amended credit facility by $50 million to $275 million and pushed out the maturity until Aug. 24, 2021.

Of that amount, $25 million may be funded as a revolving credit facility.

Interest on the loans is Libor plus a spread of 300 basis points, reduced from Libor plus 350 bps.

The company amended its senior secured credit facility with JPMorgan Chase Bank, NA as lender and administrative agent on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

U.S. Bank NA is the collateral agent, collateral administrator and securities intermediary.

CION Investment Management, LLC, part of New York-based ICON, is the investment adviser.

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