CION Investment Corporation Receives Shareholder Approval to Reduce Its Asset Coverage Requirement To 150%

Jan 03, 2022

CION Investment Corporation (NYSE: CION) (“CION” or the “Company”) today announced that its shareholders have approved a proposal to reduce CION’s asset coverage requirement from 200% to 150%, which will permit CION to increase the maximum amount of leverage that it is permitted to incur from $1 of debt outstanding for each $1 of equity to $2 of debt outstanding for each $1 of equity. This change, which was made pursuant to Section 61(a)(2) of the Investment Company Act of 1940, as amended, was approved at CION’s special shareholders meeting held virtually on December 30, 2021 and became effective on December 31, 2021. Over time, CION plans to target a debt-to-equity ratio in the range of 1.00 to 1.25x⁽¹⁾ and will maintain its strategy of originating high quality senior secured loans to U.S. middle market companies.

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