CION Investment Corp special purpose financing subsidiary 34th Street Funding LLC amended a loan agreement to increase the amount available for borrowings from $225 million to $275 million, of which $25 million may be funded as a revolving credit facility.
Also, advances now bear interest at a floating rate equal to the three-month London Interbank Offered Rate plus a spread of 3.0% per year — down from a spread of 3.5%.
In addition, the reinvestment period was extended for one year with a new scheduled maturity date of Aug. 24, 2021.
34th Street Funding entered into the amended loan agreement with JPMorgan Chase Bank NA, as lender and administrative agent; U.S. Bank NA, as collateral agent, collateral administrator and securities intermediary; and CION Investment Management LLC, CION Investment's investment adviser, as portfolio manager.
