CĪON Investment Corp. and BCP Special Opportunities Fund I LP on Oct. 2 entered into a limited liability company agreement to form a joint venture to primarily invest in senior secured loans of U.S. middle-market companies.
CĪON and BCP contributed a portfolio of loans representing membership equity of approximately $31.3 million and $4.5 million, respectively, to CION SOF Funding LLC. CĪON received 87.5% of the membership interests in the joint venture, while BCP received the remaining 12.5%.
CION SOF secured a revolving loan facility from Morgan Stanley Bank NA with a principal of up to $75 million. The entity's obligations to Morgan Stanley are secured by a first-priority security interest in all of its assets.
