<SEC-DOCUMENT>0001446806-17-000056.txt : 20170515
<SEC-HEADER>0001446806-17-000056.hdr.sgml : 20170515
<ACCEPTANCE-DATETIME>20170512212540
ACCESSION NUMBER:		0001446806-17-000056
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170512
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170515
DATE AS OF CHANGE:		20170512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CION Investment Corp
		CENTRAL INDEX KEY:			0001534254
		IRS NUMBER:				453058280
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00941
		FILM NUMBER:		17840731

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212 - 418 - 4700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	C&#298;ON Investment Corp
		DATE OF NAME CHANGE:	20111104
</SEC-HEADER>
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<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;(Exact Name of Registrant as Specified in Charter)</font></div>

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<div style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>

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<div style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">[&#160;&#160;] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>

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<div style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">[&#160;&#160;] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>

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<div style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">[&#160;&#160;] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>

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<div style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">[&#160;&#160;] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 2.02. Results of Operations and Financial Condition.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">On&#160;May 12,<font style="FONT-FAMILY: 'Times New Roman Baltic', serif; FONT-SIZE: 10pt"> 2017,&#160;C&#298;ON Investment Corporation&#160;issued a press release announcing its operating results for the&#160;period ended March </font>31, 2017.&#160;A copy of the press release&#160;is attached hereto as Exhibit 99.1 and incorporated by reference herein.<br style="LINE-HEIGHT: 11.4pt">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 9.01. Financial Statements and Exhibits.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Press release dated&#160;May 12, 2017</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Date:</div>
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<td style="TEXT-ALIGN: left; WIDTH: 2.03%; VERTICAL-ALIGN: top">&#160;May 12, 2017</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">By: <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline">/s/ Michael A. Reisner</font></div>
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<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">Co-Chief Executive Officer</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Press release dated&#160;May 12, 2017</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-WEIGHT: bold">Exhibit 99.1</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CION INVESTMENT CORPORATION ANNOUNCES OPERATING RESULTS</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOR IMMEDIATE RELEASE</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">NEW YORK, NY (May 12, 2017<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)&#160;&#160;&#8211; CION Investment Corporation ("CION"), a middle market loan fund that is structured as a non-traded business </font>development company, provides an overview of its operating results for the&#160;period ended March 31, 2017.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial Highlights:</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total investment return-net asset value&#160;was 1.60%&#160;during the&#160;three months ended March 31, 2017.&#160; Since commencement of operations on December 17, 2012, total investment return-net asset value&#160;is 40.54%, an annualized return of 8.25%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup>.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">CION declared cash </font>distributions to shareholders totaling approximately $20.1 million, or $0.1829 per share,&#160;during the&#160;three months ended March 31, 2017, which were fully covered by taxable income, up from approximately $19.0 million, or $0.1829 per share, during the three months ended March 31, 2016.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">During the three months ended March 31<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">, 2017, CION </font>(i) adjusted its gross share price from $10.10 to $9.57 per share as a result of a reduction of the sales load from up to 10% to up to 5%; and (ii) increased its gross share price two times from $9.57 to $9.65 per share.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">During the quarter<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">, CION </font>made approximately $161.6 million of new investments and sold or received repayment of investments totaling approximately $172.2 million, resulting in net investment activity of approximately $(10.6) million<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup>.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of March 31, 2017<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">, CION had an interest in investments </font>in 143 portfolio companies with a fair value of $1.40 billion, of which<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup>:</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">o 94.5% were senior secured investments (62.8% first lien, 31.7% second lien); and</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">o 94.0% were floating rate investments.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Certain Information About Distributions</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The determination of the tax attributes of CION's distributions is made annually as of the end of CION's fiscal year based upon its taxable income and distributions paid, in each case, for the full year. Therefore, a determination as to the tax attributes of the distributions made on a quarterly basis may not be representative of the actual tax attributes for a full year. CION intends to update shareholders quarterly with an estimated percentage of its distributions that resulted from taxable ordinary income. The actual tax characteristics of distributions to shareholders will be reported to shareholders annually on a Form 1099-DIV. The payment of future distributions on CION's common stock is subject to the discretion<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> of the Board and applicable legal restrictions, and therefore, there can be no assurance as to the amount or timing of any such future distributions.</font></div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">CION may fund its cash distributions to shareholders from any sources of funds available to it, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from CION Investment&#160;Group, LLC (formerly, ICON Investment Group, LLC) ("CIG") and Apollo Investment Management, L.P. ("AIM"), which is subject to recoupment. To date, distributions have not been paid from offering proceeds or borrowings.&#160; In certain prior periods, if expense support from CIG was not supported, some or all of the distributions may h</font>ave been a return of capital; however, distributions have not included a return of capital as of the date hereof.&#160;&#160;CION has not established limits on the amount of funds it may use from available sources to make distributions. The purpose of this arrangement is to avoid such distributions being characterized as returns of capital. Shareholders should understand that any such distributions are not based on CION's investment performance, and can only be sustained if CION achieves positive investment performance in future periods and/or <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">CIG and AIM continue to provide such expense support</font>. Shareholders should also understand that CION's future repayments <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">of expense support will reduc</font>e the distributions that they would otherwise receive.&#160; There can be no assurance that CION will achieve such performance in order to sustain these distributions, or be able to pay distributions at all.&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">CIG and AIM have no obligation to provide expense support</font> to CION in future periods.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 5.5pt">1</font> T<font style="FONT-FAMILY: 'Times New Roman', Times, serif">otal investment return-net asset value is a measure of the change in total value for shareholders who held </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif">CION</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif">'s common stock at the beginning and end of the period, including distributions paid or payable during the period. Total investment return-net asset value is based on (i) the beginning period net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period of (A) one share plus (B) any fractional shares issued in connection with the reinvestment of monthly distributions, and (iii) the value of distributions payable, if any, on the last day of the period. The total investment return-net asset value calculation assumes that monthly cash distributions are reinvested in accordance with</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif"> CION'</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif">s distribution reinvestment plan then in effect. The total investment return-net asset value does not consider the effect of the sales load from the sale of </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif">CION</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif">'s common stock. The total investment return-net asset value includes the effect of the issuance of shares at a net offering price that is greater than net asset value per share, which causes an increase in net asset value per share</font>. Total returns covering less than a full year are not annualized.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt">Total investment return-net asset value is presented on a "net" basis and reflects management and incentive fees, offering, organizational and other costs, interest expense on borrowed funds and other related expenses tha<font style="FONT-FAMILY: 'Times New Roman', Times, serif">t are borne by investors in CION, but excludes all sales commissions and dealer manager fees. If these had been deducted, performance would have been lower.</font></div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 5.5pt">2</font> Data includes Total Return Swap ("TRS") reference assets that are owned and held by a counterparty to the TRS agreement and excludes <font style="FONT-FAMILY: 'Times New Roman', Times, serif">CION's </font>short term investments.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ABOUT CION INVESTMENT CORPORATION</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">CION is a middle-market loan fund that is structured as a publicly registered,&#160;non-traded business development company.&#160;&#160;CION offers individual investors the opportunity to invest primarily in the senior-secured debt of private U.S. middle market companies.&#160;&#160;CION leverages the experience of its adviser &#8211; C</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">ION Investment Management, LLC, a CION Investments company &#8211;&#160; to meet its investment objective of generating current income and, to a lesser extent, long-term capital appreciation for its investors.&#160;&#160;For more information, please visit </font><font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>www.cioninvestments.com</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FORWARD LOOKING STATEMENTS</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The information in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are identified by words such as "may," "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "would," "could," "should," and variations of these words and similar expressions, including references to assumptions and forecasts of future results. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ mater<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">ially from those expressed or forecasted in the forward-looking statements.&#160;&#160;CION undertakes no obligation to update any forward-looking statements contained herein to conform the statements to actual results or changes in its expectations.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OTHER INFORMATION</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The information in this press release is summary information only and should be read in conjunction with CION's&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Quarterly Report on Form&#160;10-Q for the period ended&#160;March 31, 2017</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">, which&#160;CION filed with the Securities and Exchange Commission ("SEC") on </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">May 12, 2017</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">, as well as CION's other reports filed with the SEC. A copy of CION's&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Quarterly Report on Form&#160;10-Q for the&#160;period ended March 31, 2017</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> and CION's other reports filed with the SEC can be found on CION's website at </font><font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>www.cioninvestments.com</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> and the SEC's website at </font><font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>www.sec.gov</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">.</font></div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
