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CĪON Investment posts tender offer results

New York-based CĪON Investment Corp.'s tender offer to buy back its common shares expired at 5 p.m. ET on Dec. 20, 2019.

The business development company planned to buy up to the lesser of 4,280,266.28 common shares, representing 3.75% of the weighted average number of shares outstanding for the year ended Dec. 31, 2018, and the number of shares it can repurchase with the proceeds from the issuance of common stock under its distribution reinvestment plan.

A total of 6,361,332.410 shares were validly tendered and not withdrawn under the offer, exceeding the maximum number of shares the company offered to purchase.

The company bought a total of 1,088,882.672 shares validly tendered and not withdrawn on a pro rata basis at $8.217 per share, equal to the company's estimated net asset value per common share on Dec. 26, 2019. The aggregate purchase price was $8.9 million, which is equal to the proceeds the company received from the issuance of shares under its distribution reinvestment plan.

CĪON Investment repurchased about 17.1% of the number of shares tendered by each shareholder who participated in the offer.