CION unit 34th Street Funding gets $150 million secured credit facility

By Tali Rackner

Norfolk, Va., Sept. 1 – CION Investment Corp.'s wholly owned special purpose financing subsidiary 34th Street Funding, LLC entered into a senior secured credit facility on Aug. 26 with JPMorgan Chase Bank, NA, according to an 8-K filing with the Securities and Exchange Commission.

The facility provides for $150 million of delayed-draw borrowings, $25 million of which may be funded as a revolving credit facility.

Borrowings bear interest at three-month Libor plus 350 basis points, payable quarterly. There is a usage fee between 50 bps and 100 bps per year.

The facility will mature no later than Aug. 23, 2020.

At closing, 34th Street Funding drew $57 million from the facility.

U.S. Bank NA is the collateral agent.

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

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