CION forms senior loan joint venture with institutional investors, sells $180 million first-lien portfolio into vehicle
CION•Joint venture formed to invest in senior secured loans
CION entered a joint venture with institutional investors on Sept. 17, 2026 to invest in senior secured first lien U.S. middle-market loans.
The vehicle was capitalized with $125 million of senior secured notes sold to investors at 98.25% and $59.7 million of equity interests.
CION holds 80% common interests, while the investors hold 20% preferred interests with an 11.5% cumulative dividend and distribution priority.
Portfolio sold into the vehicle for about $180 million
The joint venture bought 20 first lien loans from CION at fair value, with $180.3 million par and $180 million fair value.
CION received about $132.3 million in net proceeds to repay debt, with any remainder to be used for general corporate purposes.
