Non-Traded BDC Declares Cash Distributions Equal to Annualized Rate of 7%
CION Investment Corporation (CION), a publicly registered non-traded business development company that focuses on providing middle-market loans, declared four regular weekly cash distributions of $0.014067 per share yesterday afternoon.
Based on its current $10.45 per share public offering price, the $0.014067 per share annualizes to a rate of 7%.
The distributions will be paid in August 2014.
Despite having the ability to do so, CION has not paid distributions from offering proceeds or borrowings to date.
The BDC focuses on generating income through investments in senior secured loans of U.S. middle market companies with earnings before income taxes and depreciation of $50 million or less. Its sub-adviser, Apollo Investment Management, L.P., a subsidiary of Apollo Global Management, LLC, targets companies with experienced management teams, competitive positions in their respective markets, free cash flow, and the potential for capital growth.
Through July 16, 2014, CION, an ICON Investments company, has raised gross offering proceeds of over $356 million. It’s offering up to $1 billion in shares.
To learn more about CION Investment Corporation, click here.