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EX-31.3 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES - CION Investment Corpcionex-313.htm
EX-32.3 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS - CION Investment Corpcionex-323.htm
EX-32.2 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, - CION Investment Corpcionex-322.htm
EX-32.1 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, - CION Investment Corpcionex-321.htm
EX-31.2 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBA - CION Investment Corpcionex-312.htm
EX-31.1 - CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBA - CION Investment Corpcionex-311.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 

[x]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2017
OR
[ ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number 000-54755 
 
CĪON Investment Corporation
 
 
(Exact name of registrant as specified in its charter)
 
 
Maryland
 
45-3058280
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
3 Park Avenue, 36th Floor
New York, New York
 
10016
(Address of principal executive offices)
 
(Zip Code)
 
(212) 418-4700
 
 
(Registrant’s telephone number, including area code)
 
 
 
 
 
Not applicable
 
 
(Former name, former address and former fiscal year, if changed since last report)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                                      
Yes [x] No [ ]
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes [ ] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer [ ]
Accelerated filer [ ]
 
Non-accelerated filer [x] (Do not check if a smaller reporting company)
Smaller reporting company [ ]
 
 
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
[ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  
Yes [ ] No [x]
The number of shares of the registrant’s common stock, $0.001 par value, outstanding as of August 9, 2017 was 112,767,948.




CĪON INVESTMENT CORPORATION
FORM 10-Q
TABLE OF CONTENTS
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
CĪON Investment Corporation
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
 
 
June 30,
2017
 
December 31,
2016
 
 
(unaudited)
 
 
Assets
Investments, at fair value (amortized cost of $1,671,817 and $1,096,948, respectively)
 
$
1,673,558

 
$
1,089,478

Derivative asset (cost of $229)
 

 
46

Cash
 
19,473

 
15,046

Restricted cash
 

 
2,000

Due from counterparty(1)
 
3,620

 
143,335

Interest receivable on investments
 
7,725

 
6,689

Receivable due on total return swap(1)
 
151

 
4,187

Prepaid expenses and other assets
 
992

 
282

   Total assets
 
$
1,705,519

 
$
1,261,063

Liabilities and Shareholders' Equity
Liabilities
 
 
 
 
Payable for investments purchased
 
$
86,420

 
$
15,837

Financing arrangements (net of unamortized debt issuance costs of $6,240 and $3,212, respectively)
 
574,881

 
221,211

Accounts payable and accrued expenses
 
1,167

 
1,476

Interest payable
 
1,792

 
864

Commissions payable for common stock purchased
 

 
2

Accrued management fees
 
7,422

 
5,781

Accrued administrative services expense
 
95

 
682

Due to CIG - offering costs
 
6

 
45

Unrealized depreciation on total return swap(1)
 

 
15,402

Total liabilities
 
671,783

 
261,300

 
 
 
 
 
Commitments and contingencies (Note 4 and Note 11)
 
 
 
 
 
 
 
 
 
Shareholders' Equity
 
 
 
 
Common stock, $0.001 par value; 500,000,000 shares authorized;
 
 
 
 
112,958,698 and 109,787,557 shares issued and outstanding, respectively
 
113

 
110

Capital in excess of par value
 
1,050,324

 
1,021,280

Undistributed net investment income
 
6,975

 
1,428

Accumulated net realized loss from investments
 
(4,428
)
 

Accumulated net unrealized appreciation (depreciation) on investments
 
1,741

 
(7,653
)
Accumulated net realized loss from total return swap(1)
 
(20,989
)
 

Accumulated net unrealized depreciation on total return swap(1)
 

 
(15,402
)
Total shareholders' equity
 
1,033,736

 
999,763

Total liabilities and shareholders' equity
 
$
1,705,519

 
$
1,261,063

Net asset value per share of common stock at end of period
 
$
9.15

 
$
9.11

(1) See Note 7 for a discussion of the Company’s total return swap agreement.
See accompanying notes to consolidated financial statements.

1



CĪON Investment Corporation
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2017

2016
 
2017
 
2016
 
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
Investment income
 
 
 
 
 
 
 
 
Interest income
 
$
34,407

 
$
17,727

 
$
61,905

 
$
34,806

Fee and other income
 
938

 
103

 
1,485

 
295

Total investment income
 
35,345

 
17,830

 
63,390

 
35,101

Operating expenses
 
 
 
 
 
 
 
 
Management fees
 
7,422

 
4,612

 
13,904

 
9,124

Administrative services expense
 
425

 
434

 
771

 
726

General and administrative(1)
 
1,671

 
1,299

 
3,417

 
3,052

Interest expense
 
5,697

 
107

 
8,623

 
227

Total operating expenses
 
15,215

 
6,452

 
26,715

 
13,129

Recoupment of expense support from CIG(2)
 

 
548

 

 
667

Net operating expenses
 
15,215

 
7,000

 
26,715

 
13,796

Net investment income
 
20,130

 
10,830

 
36,675

 
21,305

Realized and unrealized gains
 
 
 
 
 
 
 
 
Net realized (loss) gain on investments
 
(3,082
)
 
707

 
(2,342
)
 
699

Net realized gain on foreign currency
 
3



 
147

 

Net change in unrealized appreciation on investments
 
12,211

 
14,244

 
9,394

 
1,639

Net realized gain (loss) on total return swap(3)
 
413

 
7,249

 
(13,856
)
 
15,611

Net change in unrealized (depreciation) appreciation on total return swap(3)
 
(134
)
 
8,907

 
15,402

 
7,299

Total net realized and unrealized gains
 
9,411

 
31,107

 
8,745

 
25,248

Net increase in net assets resulting from operations
 
$
29,541

 
$
41,937

 
$
45,420

 
$
46,553

Per share information—basic and diluted
 
 
 
 
 
 
 
 
Net increase in net assets per share resulting from operations
 
$
0.27

 
$
0.40

 
$
0.41

 
$
0.45

Weighted average shares of common stock outstanding
 
111,447,448

 
104,835,705

 
110,767,684

 
104,396,643

(1)  See Note 10 for details of the Company's general and administrative expenses.
(2)  See Note 4 for a discussion of expense support from CIG and recoupment of expense support.
(3)  See Note 7 for a discussion of the Company's total return swap agreement.
See accompanying notes to consolidated financial statements.


2



CĪON Investment Corporation
Consolidated Statements of Changes in Net Assets
(in thousands, except share and per share amounts)
 
 
Six Months Ended
June 30,
 
 
2017
 
2016
 
 
(unaudited)
 
(unaudited)
Changes in net assets from operations:
 
 
 
 
Net investment income
 
$
36,675

 
$
21,305

Net realized (loss) gain on investments
 
(2,342
)
 
699

Net realized gain on foreign currency
 
147

 

Net change in unrealized appreciation on investments
 
9,394

 
1,639

Net realized (loss) gain on total return swap(1)
 
(13,856
)
 
15,611

Net change in unrealized appreciation on total return swap(1)
 
15,402

 
7,299

Net increase in net assets resulting from operations
 
45,420

 
46,553

Changes in net assets from shareholders' distributions:(2)
 
 
 
 
Net investment income
 
(31,128
)
 
(20,831
)
Net realized gain on total return swap
 
 
 
 
Net interest and other income from TRS portfolio
 
(3,594
)
 
(16,225
)
Net gain on TRS loan sales(3)
 
(3,539
)
 
(416
)
Net realized gain on investments and foreign currency
 
(2,233
)
 
(699
)
Net decrease in net assets from shareholders' distributions
 
(40,494
)
 
(38,171
)
Changes in net assets from capital share transactions:
 
 
 
 
Issuance of common stock, net of issuance costs of $1,047 and $736, respectively
 
26,998

 
7,998

Reinvestment of shareholders' distributions
 
19,791

 
19,403

Repurchase of common stock
 
(17,742
)
 
(8,264
)
Net increase in net assets resulting from capital share transactions
 
29,047

 
19,137

 
 
 
 
 
Total increase in net assets
 
33,973

 
27,519

Net assets at beginning of period
 
999,763

 
904,326

Net assets at end of period
 
$
1,033,736

 
$
931,845

 
 
 
 
 
Net asset value per share of common stock at end of period
 
$
9.15

 
$
8.79

Shares of common stock outstanding at end of period
 
112,958,698

 
106,020,384

 
 
 
 
 
Undistributed net investment income at end of period
 
$
6,975

 
$
474

(1)
See Note 7 for a discussion of the Company’s total return swap agreement.
(2)
This table presents changes in net assets from shareholders' distributions on a GAAP basis. See Note 5 for a discussion of the sources of distributions paid by the Company.
(3)
During the six months ended June 30, 2017, the Company realized losses of $25,417, which are not currently deductible on a tax-basis. 
See accompanying notes to consolidated financial statements.


3



CĪON Investment Corporation
Consolidated Statements of Cash Flows
(in thousands)
 
 
Six Months Ended
June 30,
 
 
2017

2016
 
 
(unaudited)
 
(unaudited)
Operating activities:
 
 
 
 
Net increase in net assets resulting from operations
 
$
45,420

 
$
46,553

Adjustments to reconcile net increase in net assets resulting from operations to net cash used in
 
 
 
 
  operating activities:
 
 
 
 
Net accretion of discount on investments
 
(4,269
)
 
(836
)
Proceeds from principal repayment of investments
 
259,729

 
87,356

Purchase of investments
 
(854,156
)
 
(149,048
)
Paid-in-kind interest
 
(1,389
)
 
(367
)
Increase in short term investments, net
 
(64,000
)
 
(13,201
)
Proceeds from sale of investments
 
87,116

 
12,415

Net realized loss (gain) on investments
 
2,342

 
(699
)
Net unrealized appreciation on investments
 
(9,394
)
 
(1,639
)
Net unrealized appreciation on total return swap(1)
 
(15,402
)
 
(7,299
)
Amortization of deferred financing costs
 
729

 
125

(Increase) decrease in due from counterparty(1)
 
139,715

 
8,485

(Increase) decrease in interest receivable on investments
 
(1,049
)
 
1,015

(Increase) decrease in receivable due on investments sold
 

 
(1,446
)
(Increase) decrease in receivable due on total return swap(1)
 
4,036

 
(401
)
(Increase) decrease in prepaid expenses and other assets
 
(774
)
 
(402
)
Increase (decrease) in payable for investments purchased
 
70,583

 
2,094

Increase (decrease) in accounts payable and accrued expenses
 
(638
)
 
255

Increase (decrease) in interest payable
 
928

 

Increase (decrease) in accrued management fees
 
1,641

 
182

Increase (decrease) in accrued administrative services expense
 
(587
)
 
(183
)
Increase (decrease) in accrued recoupment of expense support from CIG(2)
 

 
68

Increase (decrease) in due to CIG - offering costs
 
(39
)
 
17

Net cash used in operating activities
 
(339,458
)
 
(16,956
)
Financing activities:
 
 
 
 
Gross proceeds from issuance of common stock
 
28,045

 
14,193

Commissions and dealer manager fees paid
 
(1,049
)
 
(1,131
)
Repurchase of common stock
 
(17,742
)
 
(8,264
)
Shareholders' distributions paid(3)
 
(20,703
)
 
(18,768
)
Borrowings under credit facilities(4)
 
231,698

 

Borrowings under repurchase agreement(4)
 
125,000

 

Deferred financing costs paid
 
(3,364
)
 
(400
)
Net cash provided by (used in) financing activities
 
341,885

 
(14,370
)
Net increase (decrease) in cash and restricted cash
 
2,427

 
(31,326
)
Cash and restricted cash, beginning of period
 
17,046

 
41,741

Cash and restricted cash, end of period
 
$
19,473

 
$
10,415

Supplemental disclosure of cash flow information:
 
 
 
 
Cash paid for interest
 
$
6,923

 
$
101

Supplemental non-cash financing activities:
 
 
 
 
Reinvestment of shareholders' distributions(3)
 
$
19,791

 
$
19,403

(1)
See Note 7 for a discussion of the Company’s total return swap agreement.
(2)
See Note 4 for a discussion of expense support from CIG and recoupment of expense support.
(3)
See Note 5 for a discussion of the sources of distributions paid by the Company.
(4)
See Note 8 for a discussion of the Company’s financing arrangements.
See accompanying notes to consolidated financial statements.

4



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
June 30, 2017
(in thousands)
Portfolio Company(a)
 
Index Rate(b)
 
Industry
 
Principal/
Par Amount/
Units(d)
 
Cost(m)
 
Fair
Value(c)
Senior Secured First Lien Debt - 102.8%
 
 
 
 
 
 
 
 
 
 
AbelConn, LLC / Atrenne Computing Solutions, LLC / Airco Industries, LLC, L+875, 1.00% LIBOR Floor, 7/17/2019 (j)(n)(p)
 
3 Month LIBOR
 
Aerospace & Defense
 
$
20,677

 
$
20,368

 
$
20,626

Academy, Ltd., L+400, 1.00% LIBOR Floor, 7/1/2022 (o)
 
Various
 
Retail
 
14,651

 
11,590

 
11,465

Access CIG, LLC, L+500, 1.00% LIBOR Floor, 10/18/2021 (o)
 
3 Month LIBOR
 
Services: Business
 
6,764

 
6,808

 
6,802

Adams Publishing Group, LLC, L+700, 1.00% LIBOR Floor, 11/3/2020 (n)
 
3 Month LIBOR
 
Media: Advertising, Printing & Publishing
 
4,625

 
4,566

 
4,579

Adams Publishing Group, LLC, 0.50% Unfunded, 6/2/2018 (e)(i)(n)
 
None
 
Media: Advertising, Printing & Publishing
 
1,136

 

 

Advanced Integration Technology LP, L+550, 1.00% LIBOR Floor, 4/3/2023 (i)(o)
 
1 Month LIBOR
 
Aerospace & Defense
 
3,990

 
4,025

 
4,015

ALM Media, LLC, L+450, 1.00% LIBOR Floor, 7/31/2020 (o)
 
3 Month LIBOR
 
Media: Advertising, Printing & Publishing
 
7,632

 
7,303

 
7,097

Alvogen Pharma US, Inc., L+500, 1.00% LIBOR Floor, 4/1/2022 (o)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
8,462

 
8,422

 
8,336

American Clinical Solutions LLC, L+950, 1.00% LIBOR Floor, 6/11/2020
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
8,984

 
8,875

 
8,804

American Dental Partners, Inc., L+475, 1.00% LIBOR Floor, 8/29/2021 (o)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
10,694

 
10,227

 
10,213

American Energy - Marcellus, LLC, L+425, 1.00% LIBOR Floor, 8/4/2020 (r)
 
1 Month LIBOR
 
Energy: Oil & Gas
 
4,033

 
2,883

 
2,591

American Media, Inc., L+750, 1.00% LIBOR Floor, 8/24/2020 (n)
 
3 Month LIBOR
 
Media: Advertising, Printing & Publishing
 
16,311

 
15,955

 
16,311

American Media, Inc., 7.50% Unfunded, 8/24/2020 (e)(i)
 
None
 
Media: Advertising, Printing & Publishing
 
154

 
(5
)
 

American Media, Inc., 0.50% Unfunded, 8/24/2020 (e)(i)
 
None
 
Media: Advertising, Printing & Publishing
 
379

 
(11
)
 

American Residential Services, LLC, L+400, 1.00% LIBOR Floor, 6/30/2022 (o)
 
1 Month LIBOR
 
Construction & Building
 
16,947

 
16,993

 
17,032

American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021 (i)(n)(o)(p)
 
1 Month LIBOR
 
Telecommunications
 
21,952

 
20,342

 
21,924

AMPORTS, Inc., L+500, 1.00% LIBOR Floor, 5/19/2020 (j)(p)
 
3 Month LIBOR
 
Automotive
 
18,943

 
18,637

 
18,611

AMZ Holding Corp., L+500, 1.00% LIBOR Floor, 6/27/2022
 
1 Month LIBOR
 
Chemicals, Plastics & Rubber
 
6,740

 
6,639

 
6,639

AP Exhaust Acquistion, LLC, L+500, 1.00% LIBOR Floor, 5/10/2024 (o)
 
2 Month LIBOR
 
Automotive
 
5,641

 
5,439

 
5,556

Aquilex, LLC, L+400, 1.00% LIBOR Floor, 12/31/2020 (o)
 
1 Month LIBOR
 
Chemicals, Plastics & Rubber
 
1,813

 
1,762

 
1,785

Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024 (o)
 
1 Month LIBOR
 
Construction & Building
 
2,946

 
2,931

 
2,990

Avaya Inc., L+750, 1.00% LIBOR Floor, 1/24/2018
 
1 Month LIBOR
 
Telecommunications
 
3,509

 
3,488

 
3,630

Avaya Inc., L+525, 1.00% LIBOR Floor, 5/29/2020 (o)
 
3 Month LIBOR
 
Telecommunications
 
14,689

 
11,731

 
11,811

Azure Midstream Energy, LLC, L+650, 1.00% LIBOR Floor, 11/15/2018 (o)
 
1 Month LIBOR
 
Energy: Oil & Gas
 
2,188

 
2,102

 
2,056

Blue Ribbon, LLC, L+400, 1.00% LIBOR Floor, 11/15/2021 (o)
 
3 Month LIBOR
 
Beverage, Food & Tobacco
 
9,925

 
9,925

 
9,695

California Pizza Kitchen, Inc., L+600, 1.00% LIBOR Floor, 8/23/2022 (i)(o)
 
3 Month LIBOR
 
Beverage, Food & Tobacco
 
9,987

 
10,012

 
10,000

Caraustar Industries, Inc., L+550, 1.00% LIBOR Floor, 3/14/2022 (o)
 
3 Month LIBOR
 
Forest Products & Paper
 
5,606

 
5,673

 
5,619

Central Security Group, Inc., L+563, 1.00% LIBOR Floor, 10/6/2021 (i)(o)
 
1 Month LIBOR
 
Services: Consumer
 
17,991

 
18,027

 
18,002

CF Entertainment Inc., L+850, 1.00% LIBOR Floor, 1/27/2023 (n)(p)
 
3 Month LIBOR
 
Media: Diversified & Production
 
50,000

 
49,043

 
49,500

CF Entertainment Inc., L+850, 1.00% LIBOR Floor, 1/27/2023
 
3 Month LIBOR
 
Media: Diversified & Production
 
15,000

 
14,713

 
14,962

CF Entertainment Inc., 2.00% Unfunded, 1/28/2019 (e)(i)
 
None
 
Media: Diversified & Production
 
10,000

 
(196
)
 
(100
)
Charming Charlie, LLC, L+800, 1.00% LIBOR Floor, 12/24/2019
 
3 Month LIBOR
 
Retail
 
7,772

 
4,181

 
3,964

Confie Seguros Holding II Co., L+550, 1.00% LIBOR Floor, 4/16/2022 (i)(o)
 
1 Month LIBOR
 
Banking, Finance, Insurance & Real Estate
 
7,987

 
7,955

 
7,903

Cozzini Bros., Inc., L+550, 1.00% LIBOR Floor, 3/10/2023
 
1 Month LIBOR
 
Services: Business
 
2,993

 
2,935

 
2,933

CSP Technologies North America, LLC, L+525, 1.00% LIBOR Floor, 1/29/2022 (p)
 
3 Month LIBOR
 
Chemicals, Plastics & Rubber
 
13,588

 
13,330

 
13,622

See accompanying notes to consolidated financial statements.

5



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
June 30, 2017
(in thousands)
Portfolio Company(a)
 
Index Rate(b)
 
Industry
 
Principal/
Par Amount/
Units(d)
 
Cost(m)
 
Fair
Value(c)
CT Technologies Intermediate Holdings, Inc., L+425, 1.00% LIBOR Floor, 12/1/2021 (p)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
14,676

 
13,979

 
14,630

David's Bridal, Inc., L+400, 1.25% LIBOR Floor, 10/11/2019 (o)
 
3 Month LIBOR
 
Retail
 
3,477

 
2,938

 
2,651

DBRS, Inc., L+525, 1.00% LIBOR Floor, 3/4/2022 (h)(o)
 
2 Month LIBOR
 
Services: Business
 
12,938

 
12,485

 
12,679

Deluxe Entertainment Services Group Inc., L+550, 1.00% LIBOR Floor, 2/28/2020 (o)
 
1 Month LIBOR
 
Media: Diversified & Production
 
9,932

 
9,899

 
9,939

DFS Holding Company, Inc., L+500, 1.00% LIBOR Floor, 2/17/2022
 
3 Month LIBOR
 
Capital Equipment
 
3,830

 
3,786

 
3,782

Dodge Data & Analytics, LLC / Skyline Data News and Analytics, LLC, L+875, 1.00% LIBOR Floor, 10/31/2019 (n)
 
3 Month LIBOR
 
Construction & Building
 
10,012

 
9,898

 
9,849

Dorner Holding Corp., L+575, 1.00% LIBOR Floor, 3/15/2023
 
3 Month LIBOR
 
Capital Equipment
 
1,115

 
1,087

 
1,087

ECI Acquisition Holdings, Inc., L+625, 1.00% LIBOR Floor, 3/11/2019 (n)
 
3 Month LIBOR
 
High Tech Industries
 
8,296

 
8,278

 
8,296

EIG Investors Corp., L+400, 1.00% LIBOR Floor, 2/9/2023 (h)(o)
 
2 Month LIBOR
 
Services: Business
 
1,394

 
1,402

 
1,399

Elemica, Inc., L+800, 1.00% LIBOR Floor, 7/7/2021 (n)(p)
 
1 Month LIBOR
 
High Tech Industries
 
17,325

 
16,950

 
16,978

Elemica, Inc., 0.50% Unfunded, 7/7/2021 (e)(i)
 
None
 
High Tech Industries
 
2,500

 
(51
)
 
(50
)
Emmis Operating Company, L+700, 1.00% LIBOR Floor, 4/18/2019 (o)
 
3 Month LIBOR
 
Media: Broadcasting & Subscription
 
7,270

 
6,874

 
7,198

Entertainment Studios P&A LLC, 5.00%, 5/18/2037
 
None
 
Media: Diversified & Production
 
15,000

 
14,700

 
18,150

EnTrans International, LLC, L+750, 1.00% LIBOR Floor, 6/4/2020
 
3 Month LIBOR
 
Capital Equipment
 
13,312

 
10,156

 
10,783

Evergreen Skills Lux S.À.R.L., L+475, 1.00% LIBOR Floor, 4/28/2021 (h)(i)(o)
 
1 Month LIBOR
 
High Tech Industries
 
10,236

 
9,529

 
9,690

Everi Payments Inc., L+450, 1.00% LIBOR Floor, 5/9/2024 (o)
 
2 Month LIBOR
 
Hotel, Gaming & Leisure
 
4,194

 
4,173

 
4,239

F+W Media, Inc., L+650, 1.50% LIBOR Floor, 5/24/2022
 
1 Month LIBOR
 
Media: Diversified & Production
 
1,106

 
1,106

 
1,162

F+W Media, Inc., L+1000, 1.50% LIBOR Floor, 5/24/2022 (n)(r)(s)
 
1 Month LIBOR
 
Media: Diversified & Production
 
2,590

 
2,591

 
2,478

Forbes Media LLC, L+675, 1.00% LIBOR Floor, 9/12/2019 (j)(p)
 
1 Month LIBOR
 
Media: Advertising, Printing & Publishing
 
15,000

 
14,684

 
14,737

Harland Clarke Holdings Corp., L+550, 1.00% LIBOR Floor, 2/9/2022 (o)
 
3 Month LIBOR
 
Services: Business
 
14,818

 
14,935

 
14,855

Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021 (o)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
4,875

 
4,579

 
3,892

Help/Systems Holdings, Inc., L+450, 1.00% LIBOR Floor, 10/8/2021 (o)
 
3 Month LIBOR
 
Services: Business
 
11,970

 
11,956

 
12,037

Ignite Restaurant Group, Inc., L+700, 1.00% LIBOR Floor, 2/13/2019 (n)(r)
 
3 Month LIBOR
 
Beverage, Food & Tobacco
 
10,482

 
10,418

 
5,241

Infinity Sales Group, LLC, L+1050, 1.00% LIBOR Floor, 11/21/2018 (n)
 
1 Month LIBOR
 
Services: Business
 
8,082

 
7,582

 
7,456

Infogroup Inc., L+500, 1.00% LIBOR Floor, 4/3/2023 (i)(o)
 
1 Month LIBOR
 
Media: Advertising, Printing & Publishing
 
9,486

 
9,522

 
9,492

International Seaways, Inc., L+550, 1.00% LIBOR Floor, 6/22/2022 (h)(i)(o)
 
3 Month LIBOR
 
Transportation: Cargo
 
10,000

 
9,800

 
9,950

Intertain Group Ltd., L+650, 1.00% LIBOR Floor, 4/8/2022 (h)(n)
 
3 Month LIBOR
 
Hotel, Gaming & Leisure
 
1,661

 
1,636

 
1,678

iPipeline, Inc., L+625, 1.00% LIBOR Floor, 8/4/2022
 
1 Month LIBOR
 
High Tech Industries
 
7,955

 
7,777

 
7,776

Ipsen International GmbH, L+800, 1.00% LIBOR Floor, 9/30/2019 (h)(j)
 
2 Month LIBOR
 
Capital Equipment
 
1,338

 
1,342

 
1,338

Ipsen, Inc., L+700, 1.00% LIBOR Floor, 9/30/2019 (j)(p)
 
2 Month LIBOR
 
Capital Equipment
 
8,095

 
8,013

 
8,075

Island Medical Management Holdings, LLC, L+550, 1.00% LIBOR Floor, 9/1/2022 (p)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
13,778

 
13,605

 
13,602

Island Medical Management Holdings, LLC, 1.00% Unfunded, 9/1/2022 (e)(i)
 
None
 
Healthcare & Pharmaceuticals
 
1,188

 

 
(15
)
ITC Service Group Acquisition LLC, L+950, 0.50% LIBOR Floor, 5/26/2021 (j)(p)
 
1 Month LIBOR
 
High Tech Industries
 
11,250

 
11,057

 
11,109

JDC Healthcare Management, LLC, L+625, 1.00% LIBOR Floor, 4/10/2023
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
6,276

 
6,154

 
6,150

Kingpin Intermediate Holdings LLC, L+425, 1.00% LIBOR Floor, 6/29/2024 (i)(o)
 
1 Month LIBOR
 
Hotel, Gaming & Leisure
 
10,000

 
9,950

 
10,044

KLO Intermediate Holdings, LLC, L+775, 0.75% LIBOR Floor, 4/7/2022 (p)
 
1 Month LIBOR
 
Chemicals, Plastics & Rubber
 
4,440

 
4,387

 
4,384

KLO Intermediate Holdings, LLC, L+775, 0.75% LIBOR Floor, 4/7/2022 (p)
 
1 Month LIBOR
 
Chemicals, Plastics & Rubber
 
7,669

 
7,577

 
7,573

See accompanying notes to consolidated financial statements.

6



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
June 30, 2017
(in thousands)
Portfolio Company(a)
 
Index Rate(b)
 
Industry
 
Principal/
Par Amount/
Units(d)
 
Cost(m)
 
Fair
Value(c)
KMG Chemicals, Inc., L+425, 1.00% LIBOR Floor, 6/15/2024 (h)(i)(o)
 
1 Month LIBOR
 
Chemicals, Plastics & Rubber
 
1,886

 
1,876

 
1,909

KNB Holdings Corp., L+550, 1.00% LIBOR Floor, 4/26/2024 (o)
 
6 Month LIBOR
 
Consumer Goods: Durable
 
16,000

 
15,683

 
15,920

KPS Global LLC, L+250, 1.00% LIBOR Floor, 4/5/2022
 
3 Month LIBOR
 
Capital Equipment
 
685

 
671

 
675

KPS Global LLC, L+690, 1.00% LIBOR Floor, 4/5/2022
 
3 Month LIBOR
 
Capital Equipment
 
5,448

 
5,339

 
5,367

Labvantage Solutions Inc., L+800, 1.00% LIBOR Floor, 12/29/2020 (n)
 
3 Month LIBOR
 
High Tech Industries
 
4,750

 
4,711

 
4,750

Labvantage Solutions Ltd., E+800, 1.00% EURIBOR Floor, 12/29/2020 (h)(p)
 
3 Month EURIBOR
 
High Tech Industries
 
4,351

 
4,852

 
4,972

LBP Intermediate Holdings LLC, L+550, 1.00% LIBOR Floor, 7/10/2020
 
3 Month LIBOR
 
Containers, Packaging & Glass
 
1,970

 
1,919

 
1,916

Liaison Acquisition, LLC, L+525, 1.00% LIBOR Floor, 2/8/2023
 
1 Month LIBOR
 
High Tech Industries
 
5,000

 
4,929

 
4,925

Lift Brands, Inc., L+800, 1.00% LIBOR Floor, 12/23/2019 (n)
 
3 Month LIBOR
 
Services: Consumer
 
9,290

 
9,201

 
9,244

LTCG Holdings Corp., L+500, 1.00% LIBOR Floor, 6/6/2020 (o)
 
2 Month LIBOR
 
Services: Business
 
5,911

 
5,554

 
5,586

Ministry Brands, LLC, L+500, 1.00% LIBOR Floor, 12/2/2022 (n)
 
1 Month LIBOR
 
Services: Business
 
12,722

 
12,355

 
12,413

Ministry Brands, LLC, L+150 Unfunded, 1.00% LIBOR Floor, 10/6/2018 (e)(i)
 
1 Month LIBOR
 
Services: Business
 
180

 

 
(4
)
Moss Holding Company, L+675, 1.00% LIBOR Floor, 4/17/2023 (p)
 
3 Month LIBOR
 
Services: Business
 
18,972

 
18,645

 
18,687

Moss Holding Company, 0.75% Unfunded, 5/7/2018 (e)(i)
 
None
 
Services: Business
 
1,046

 

 
(16
)
Moss Holding Company, 0.50% Unfunded, 4/17/2023 (e)(i)
 
None
 
Services: Business
 
2,232

 

 
(33
)
Murray Energy Corp., L+725, 1.00% LIBOR Floor, 4/16/2020 (o)
 
3 Month LIBOR
 
Metals & Mining
 
3,649

 
3,550

 
3,589

Nathan's Famous Inc., 10.00%, 3/15/2020 (h)(n)
 
None
 
Beverage, Food & Tobacco
 
6,000

 
6,000

 
6,418

Navex Global, Inc., L+425, 1.00% LIBOR Floor, 11/19/2021 (o)
 
3 Month LIBOR
 
High Tech Industries
 
18,003

 
18,060

 
18,070

Nextech Systems, LLC, L+725, 1.00% LIBOR Floor, 6/22/2021 (j)(n)
 
1 Month LIBOR
 
High Tech Industries
 
15,342

 
14,823

 
15,036

NWN Acquisition Holding Company LLC, L+900, 1.00% LIBOR Floor, 10/16/2020 (j)(n)
 
3 Month LIBOR
 
High Tech Industries
 
13,498

 
13,167

 
13,566

Onex TSG Holdings II Corp., L+400, 1.00% LIBOR Floor, 7/29/2022 (o)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
3,409

 
3,430

 
3,426

Opal Acquisition, Inc., L+400, 1.00% LIBOR Floor, 11/27/2020 (o)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
10,262

 
9,670

 
9,524

Orbcomm Inc., 8.00%, 4/1/2024
 
None
 
Telecommunications
 
9,237

 
9,237

 
9,837

Paris Presents Inc., L+500, 1.00% LIBOR Floor, 12/31/2020 (p)
 
1 Month LIBOR
 
Consumer Goods: Durable
 
8,977

 
8,891

 
8,977

Pelican Products, Inc., L+425, 1.00% LIBOR Floor, 4/10/2020 (o)
 
3 Month LIBOR
 
Chemicals, Plastics & Rubber
 
2,490

 
2,493

 
2,503

Petroflow Energy Corp., L+800, 1.00% LIBOR Floor, 6/29/2019 (s)
 
1 Month LIBOR
 
Energy: Oil & Gas
 
4,231

 
4,040

 
4,030

Photonis Technologies SAS, L+750, 1.00% LIBOR Floor, 9/18/2019 (h)(o)
 
3 Month LIBOR
 
Aerospace & Defense
 
6,397

 
5,463

 
5,758

Plano Molding Company, LLC, L+750, 1.00% LIBOR Floor, 5/12/2021 (n)
 
1 Month LIBOR
 
Consumer Goods: Non-Durable
 
8,796

 
8,731

 
8,479

Professional Datasolutions, Inc., L+550, 1.00% LIBOR Floor, 5/20/2022
 
1 Month LIBOR
 
High Tech Industries
 
4,628

 
4,561

 
4,559

Project Leopard Holdings, Inc., L+550, 1.00% LIBOR Floor, 7/7/2023 (i)(o)
 
3 Month LIBOR
 
High Tech Industries
 
4,000

 
3,990

 
4,016

PSC Industrial Holdings Corp., L+475, 1.00% LIBOR Floor, 12/5/2020 (o)
 
3 Month LIBOR
 
Services: Business
 
4,875

 
4,646

 
4,717

Radio One, Inc., L+400, 1.00% LIBOR Floor, 4/18/2023 (o)
 
3 Month LIBOR
 
Media: Broadcasting & Subscription
 
8,957

 
8,871

 
8,913

Retriever Medical/Dental Payments LLC, L+475, 1.00% LIBOR Floor, 2/3/2023
 
3 Month LIBOR
 
Services: Business
 
4,988

 
4,882

 
4,875

See accompanying notes to consolidated financial statements.

7



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
June 30, 2017
(in thousands)
Portfolio Company(a)
 
Index Rate(b)
 
Industry
 
Principal/
Par Amount/
Units(d)
 
Cost(m)
 
Fair
Value(c)
Rimini Street, Inc., 15.00%, 6/24/2020 (s)
 
None
 
High Tech Industries
 
14,984

 
14,747

 
16,148

Russell Investments US Institutional Holdco, Inc., L+575, 1.00% LIBOR Floor, 6/1/2023 (o)
 
1 Month LIBOR
 
Banking, Finance, Insurance & Real Estate
 
3,980

 
4,035

 
4,026

Scientific Games International, Inc., L+400, 0.75% LIBOR Floor, 10/1/2021 (h)(o)
 
2 Month LIBOR
 
Hotel, Gaming & Leisure
 
8,246

 
8,341

 
8,339

Sequoia Healthcare Management, LLC, 16.00%, 7/17/2019 (n)(s)
 
None
 
Healthcare & Pharmaceuticals
 
6,018

 
5,940

 
6,018

SG Acquisition, Inc., L+500, 1.00% LIBOR Floor, 3/29/2024 (o)
 
3 Month LIBOR
 
Banking, Finance, Insurance & Real Estate
 
4,185

 
4,146

 
4,159

Shift PPC LLC, L+600, 1.00% LIBOR Floor, 12/22/2021 (p)
 
1 Month LIBOR
 
High Tech Industries
 
4,910

 
4,799

 
4,910

SI Organization, Inc., L+475, 1.00% LIBOR Floor, 11/23/2019 (o)
 
3 Month LIBOR
 
Services: Business
 
7,713

 
7,816

 
7,797

Southcross Holdings Borrower LP, 9.00%, 4/13/2023 (s)
 
None
 
Energy: Oil & Gas
 
177

 
156

 
156

Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 1/21/2020 (n)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
12,188

 
12,115

 
12,066

Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 7/21/2020 (s)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
252

 
250

 
250

Sprint Industrial Holdings, LLC, L+575, 1.25% LIBOR Floor, 5/14/2019 (n)
 
3 Month LIBOR
 
Energy: Oil & Gas
 
7,268

 
6,900

 
6,287

STG-Fairway Acquisitions, Inc., L+525, 1.00% LIBOR Floor, 6/30/2022 (o)
 
2 Month LIBOR
 
Services: Business
 
3,929

 
3,816

 
3,619

Studio Movie Grill Holdings, LLC, L+725, 1.00% LIBOR Floor, 9/30/2020 (e)(n)
 
3 Month LIBOR
 
Hotel, Gaming & Leisure
 
14,954

 
14,832

 
14,954

Survey Sampling International, LLC, L+500, 1.00% LIBOR Floor, 12/16/2020 (o)
 
3 Month LIBOR
 
Services: Business
 
7,820

 
7,857

 
7,839

Telestream Holdings Corp., L+677, 1.00% LIBOR Floor, 1/15/2020 (j)(n)
 
3 Month LIBOR
 
High Tech Industries
 
8,684

 
8,483

 
8,510

Tenere Inc., L+1000, 1.00% LIBOR Floor, 12/23/2021 (n)(p)
 
3 Month LIBOR
 
Capital Equipment
 
31,840

 
31,469

 
31,245

Tensar Corp., L+475, 1.00% LIBOR Floor, 7/9/2021 (i)(o)
 
3 Month LIBOR
 
Chemicals, Plastics & Rubber
 
8,236

 
7,682

 
7,700

Therapure Biopharma Inc., L+875, 0.50% LIBOR Floor, 12/1/2021 (h)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
15,000

 
14,931

 
15,338

TIBCO Software Inc., L+450, 1.00% LIBOR Floor, 12/4/2020 (o)
 
1 Month LIBOR
 
High Tech Industries
 
17,796

 
17,957

 
17,919

U.S. Renal Care, Inc., L+425, 1.00% LIBOR Floor, 12/30/2022 (i)(o)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
4,987

 
4,891

 
4,828

Vince, LLC, L+500, 1.00% LIBOR Floor, 11/27/2019 (h)(o)
 
3 Month LIBOR
 
Retail
 
1,127

 
1,075

 
1,025

VRC Companies, LLC, L+650, 1.00% LIBOR Floor, 3/31/2023
 
3 Month LIBOR
 
Services: Business
 
1,508

 
1,476

 
1,508

WD Wolverine Holdings, LLC, L+550, 1.00% LIBOR Floor, 8/16/2022 (o)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
14,409

 
14,090

 
13,806

Western Dental Services, Inc., L+525, 1.00% LIBOR Floor, 6/30/2023 (i)(o)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
2,197

 
2,175

 
2,188

Woodstream Corporation, L+625, 1.00% LIBOR Floor, 5/29/2022
 
3 Month LIBOR
 
Consumer Goods: Non-Durable
 
7,916

 
7,880

 
7,880

Woodstream Corporation, 0.75% Unfunded, 5/29/2021 (e)(i)
 
None
 
Consumer Goods: Non-Durable
 
1,553

 

 
(7
)
Worley Claims Services, LLC, L+800, 1.00% LIBOR Floor, 10/31/2020 (n)
 
1 Month LIBOR
 
Services: Business
 
18,297

 
18,143

 
18,114

Total Senior Secured First Lien Debt
 
 
 
 
 
 
 
1,057,664

 
1,062,513

Senior Secured Second Lien Debt - 40.0%
 
 
 
 
 
 
 
 
 
 
ABG Intermediate Holdings 2 LLC, L+850, 1.00% LIBOR Floor, 5/27/2022 (i)(n)(p)
 
3 Month LIBOR
 
Retail
 
19,488

 
19,208

 
19,732

Access CIG, LLC, L+875, 1.00% LIBOR Floor, 10/17/2022 (p)
 
1 Month LIBOR
 
Services: Business
 
16,030

 
15,489

 
15,549

ALM Media, LLC, L+800, 1.00% LIBOR Floor, 7/30/2021 (n)(p)
 
3 Month LIBOR
 
Media: Advertising, Printing & Publishing
 
10,344

 
10,221

 
9,309

American Residential Services LLC, L+800, 1.00% LIBOR Floor, 12/31/2021 (n)
 
3 Month LIBOR
 
Construction & Building
 
4,933

 
4,894

 
4,958

Asurion, LLC, L+750, 1.00% LIBOR Floor, 3/3/2021 (o)
 
1 Month LIBOR
 
Services: Consumer
 
7,891

 
7,990

 
7,940

See accompanying notes to consolidated financial statements.

8



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
June 30, 2017
(in thousands)
Portfolio Company(a)
 
Index Rate(b)
 
Industry
 
Principal/
Par Amount/
Units(d)
 
Cost(m)
 
Fair
Value(c)
Confie Seguros Holding II Co., L+900, 1.25% LIBOR Floor, 5/8/2019 (p)
 
3 Month LIBOR
 
Banking, Finance, Insurance & Real Estate
 
8,827

 
8,592

 
8,695

Conisus, LLC, L+875, 1.00% LIBOR Floor, 6/23/2021
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
11,750

 
9,775

 
8,812

Drew Marine Group, Inc., L+700, 1.00% LIBOR Floor, 5/19/2021 (h)(n)
 
1 Month LIBOR
 
Chemicals, Plastics & Rubber
 
9,500

 
9,461

 
9,500

Elements Behavioral Health, Inc., L+1200, 1.00% LIBOR Floor, 2/11/2020 (s)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
6,083

 
6,052

 
4,988

Emerald 3 Ltd., L+700, 1.00% LIBOR Floor, 5/16/2022 (h)(n)
 
3 Month LIBOR
 
Environmental Industries
 
3,000

 
2,980

 
2,775

Evergreen Skills Lux S.À.R.L., L+825, 1.00% LIBOR Floor, 4/28/2022 (h)
 
1 Month LIBOR
 
High Tech Industries
 
9,999

 
7,064

 
8,299

Flexera Software LLC, L+700, 1.00% LIBOR Floor, 4/2/2021 (p)
 
3 Month LIBOR
 
High Tech Industries
 
9,385

 
9,151

 
9,362

Genex Holdings, Inc., L+775, 1.00% LIBOR Floor, 5/30/2022 (n)(p)
 
1 Month LIBOR
 
Services: Business
 
11,410

 
11,331

 
11,282

GHX Ultimate Parent Corp., L+800, 1.00% LIBOR Floor, 6/30/2025
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
13,926

 
13,508

 
13,508

Global Tel*Link Corp., L+775, 1.25% LIBOR Floor, 11/23/2020 (p)
 
3 Month LIBOR
 
Telecommunications
 
9,500

 
9,494

 
9,488

GOBP Holdings, Inc., L+825, 1.00% LIBOR Floor, 10/21/2022 (o)
 
3 Month LIBOR
 
Retail
 
4,000

 
4,021

 
4,040

Institutional Shareholder Services Inc., L+850, 1.00% LIBOR Floor, 4/30/2022 (n)
 
3 Month LIBOR
 
Services: Business
 
10,648

 
10,544

 
10,702

Medical Solutions Holdings, Inc., L+825, 1.00% LIBOR Floor, 6/16/2025 (n)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
10,000

 
9,850

 
9,950

Mergermarket USA, Inc., L+650, 1.00% LIBOR Floor, 2/4/2022 (n)(o)
 
1 Month LIBOR
 
Services: Business
 
10,380

 
10,282

 
10,380

Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023 (n)
 
1 Month LIBOR
 
Services: Business
 
7,000

 
6,900

 
6,930

Mississippi Sand, LLC, L+1000, 1.00% LIBOR Floor, 11/21/2019
 
3 Month LIBOR
 
Metals & Mining
 
13,196

 
11,061

 
11,943

Mitchell International, Inc., L+750, 1.00% LIBOR Floor, 10/11/2021 (n)(o)
 
1 Month LIBOR
 
High Tech Industries
 
14,909

 
14,516

 
15,068

Navex Global, Inc., L+875, 1.00% LIBOR Floor, 11/18/2022 (n)
 
3 Month LIBOR
 
High Tech Industries
 
10,278

 
10,154

 
10,227

Niacet Corp., E+875, 1.00% EURIBOR Floor, 8/1/2024 (h)
 
3 Month EURIBOR
 
Chemicals, Plastics & Rubber
 
7,489

 
7,932

 
8,386

Onex Carestream Finance LP, L+850, 1.00% LIBOR Floor, 12/7/2019 (o)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
13,636

 
12,372

 
13,405

Onex TSG Holdings II Corp., L+850, 1.00% LIBOR Floor, 7/31/2023 (n)(o)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
12,249

 
12,139

 
12,180

Paris Presents Inc., L+875, 1.00% LIBOR Floor, 12/31/2021 (n)
 
1 Month LIBOR
 
Consumer Goods: Durable
 
3,500

 
3,432

 
3,465

Patterson Medical Supply, Inc., L+850, 1.00% LIBOR Floor, 8/28/2023 (n)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
13,500

 
13,377

 
13,230

Pelican Products, Inc., L+825, 1.00% LIBOR Floor, 4/11/2021 (o)
 
3 Month LIBOR
 
Chemicals, Plastics & Rubber
 
3,469

 
3,457

 
3,469

PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023 (n)
 
1 Month LIBOR
 
Chemicals, Plastics & Rubber
 
15,000

 
14,709

 
14,737

PFS Holding Corp., L+725, 1.00% LIBOR Floor, 1/31/2022 (o)
 
1 Month LIBOR
 
Retail
 
4,998

 
4,666

 
4,611

Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2022 (n)
 
1 Month LIBOR
 
Telecommunications
 
3,000

 
2,889

 
2,955

PSC Industrial Holdings Corp., L+825, 1.00% LIBOR Floor, 12/5/2021 (n)
 
3 Month LIBOR
 
Services: Business
 
10,000

 
9,855

 
8,850

Securus Technologies Holdings, Inc., L+775, 1.25% LIBOR Floor, 4/30/2021 (o)(p)
 
1 Month LIBOR
 
Telecommunications
 
5,500

 
5,486

 
5,473

Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 6/20/2025 (i)
 
1 Month LIBOR
 
Telecommunications
 
2,942

 
2,913

 
2,968

SMG, L+825, 1.00% LIBOR Floor, 2/27/2021 (n)
 
3 Month LIBOR
 
Hotel, Gaming & Leisure
 
6,142

 
6,142

 
6,134

STG-Fairway Acquisitions, Inc., L+925, 1.00% LIBOR Floor, 6/30/2023 (n)(o)
 
3 Month LIBOR
 
Services: Business
 
10,000

 
9,874

 
8,800

Survey Sampling International, LLC, L+900, 1.00% LIBOR Floor, 12/16/2021
 
3 Month LIBOR
 
Services: Business
 
5,000

 
4,927

 
4,925

TexOak Petro Holdings LLC, 8.00%, 12/29/2019 (s)
 
None
 
Energy: Oil & Gas
 
6,993

 
2,121

 
3,007

TMK Hawk Parent, Corp., L+750, 1.00% LIBOR Floor, 10/1/2022 (n)
 
1 Month LIBOR
 
Beverage, Food & Tobacco
 
15,000

 
14,881

 
15,000

TouchTunes Interactive Networks, Inc., L+825, 1.00% LIBOR Floor, 5/29/2022 (p)
 
3 Month LIBOR
 
Hotel, Gaming & Leisure
 
6,000

 
5,947

 
5,992

U.S. Anesthesia Partners, Inc., L+725, 1.00% LIBOR Floor, 6/23/2025 (i)
 
1 Month LIBOR
 
Healthcare & Pharmaceuticals
 
10,235

 
10,080

 
10,081

See accompanying notes to consolidated financial statements.

9



CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
June 30, 2017
(in thousands)
Portfolio Company(a)
 
Index Rate(b)
 
Industry
 
Principal/
Par Amount/
Units(d)
 
Cost(m)
 
Fair
Value(c)
U.S. Renal Care, Inc., L+800, 1.00% LIBOR Floor, 12/29/2023 (n)
 
3 Month LIBOR
 
Healthcare & Pharmaceuticals
 
10,000

 
9,829

 
9,500

Wand Intermediate I LP, L+725, 1.00% LIBOR Floor, 9/19/2022 (n)
 
2 Month LIBOR
 
Automotive
 
16,000

 
15,877

 
16,120

Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022 (n)
 
1 Month LIBOR
 
Beverage, Food & Tobacco
 
12,823

 
12,565

 
11,990

Zywave Inc., L+900, 1.00% LIBOR Floor, 11/17/2023
 
3 Month LIBOR
 
High Tech Industries
 
5,000

 
4,932

 
4,975

Total Senior Secured Second Lien Debt
 
 
 
 
 
 
 
412,940

 
413,690

Collateralized Securities and Structured Products - Debt - 2.8%
 
 
 
 
 
 
 
 
 
 
Deutsche Bank AG Frankfurt CRAFT 2014-1 Class Credit Linked Note, L+965, 5/15/2019 (h)
 
3 Month LIBOR
 
Diversified Financials
 
5,400

 
5,400

 
5,329

Deutsche Bank AG Frankfurt CRAFT 2015-2 Class Credit Linked Note, L+925, 1/16/2022 (h)
 
3 Month LIBOR
 
Diversified Financials
 
15,500

 
15,500

 
14,840

Ivy Hill Middle Market Credit Fund VII, Ltd. Class E Notes, L+565, 10/20/2025 (g)(h)
 
3 Month LIBOR
 
Diversified Financials
 
2,000

 
1,884

 
1,903

NXT Capital CLO 2014-1, LLC Class E Notes, L+550, 4/23/2026 (g)(h)
 
3 Month LIBOR
 
Diversified Financials
 
7,500

 
7,116

 
7,041

Total Collateralized Securities and Structured Products - Debt
 
 
 
 
 
 
 
29,900

 
29,113

Collateralized Securities and Structured Products - Equity - 2.9%
 
 
 
 
 
 
 
 
 
 
Anchorage Capital CLO 2012-1, Ltd. Subordinated Notes, 7.45% Estimated Yield, 1/13/2025 (h)
 
(f)
 
Diversified Financials
 
4,000

 
2,707

 
2,310

APIDOS CLO XVI Subordinated Notes, 0.00% Estimated Yield, 1/19/2025 (h)
 
(f)
 
Diversified Financials
 
9,000

 
4,205

 
3,974

CENT CLO 19 Ltd. Subordinated Notes, 10.50% Estimated Yield, 10/29/2025 (h)
 
(f)
 
Diversified Financials
 
2,000

 
1,311

 
1,127

Galaxy XV CLO Ltd. Class A Subordinated Notes, 13.94% Estimated Yield, 4/15/2025 (h)
 
(f)
 
Diversified Financials
 
4,000

 
2,356

 
1,995

Ivy Hill Middle Market Credit Fund VII, Ltd. Subordinated Notes, 10.29% Estimated Yield, 10/20/2025 (h)
 
(f)
 
Diversified Financials
 
2,000

 
1,599

 
1,480

Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan, 10.35% Estimated Yield, 2/2/2026 (e)(h)
 
(f)
 
Diversified Financials
 
10,000

 
9,885

 
9,788

Ivy Hill Middle Market Credit Fund IX, Ltd. Subordinated Notes, 15.54% Estimated Yield, 10/18/2025 (h)
 
(f)
 
Diversified Financials
 
8,146

 
5,945

 
5,998

Ivy Hill Middle Market Credit Fund X, Ltd., 11.20% Estimated Yield, 7/24/2027 (h)
 
(f)
 
Diversified Financials
 
4,760

 
3,803

 
3,518

Total Collateralized Securities and Structured Products - Equity
 
 
 
 
 
 
 
31,811

 
30,190

Equity - 0.4%
 
 
 
 
 
 
 
 
 
 
Commerce Topco, LLC (q)
 
 
 
Healthcare & Pharmaceuticals
 
87 Units

 
87

 
87

Commerce Parent, Inc. (q)
 
 
 
Healthcare & Pharmaceuticals
 
87 Units

 
85

 
85

F+W Media, Inc. (n)(q)
 
 
 
Media: Diversified & Production
 
31,211 Units

 

 

Mooregate ITC Acquisition, LLC, Class A Units (q)
 
 
 
High Tech Industries
 
500 Units

 
563

 
475

NS NWN Acquisition, LLC (q)
 
 
 
High Tech Industries
 
404 Units

 
393

 
463

NSG Co-Invest (Bermuda) LP (h)(q)
 
 
 
Consumer Goods: Durable
 
1,575 Units

 
1,000

 
1,025

Southcross Holdings GP, LLC, Units (q)
 
 
 
Energy: Oil & Gas
 
188 Units

 

 

Southcross Holdings LP, Class A-II Units (q)
 
 
 
Energy: Oil & Gas
 
188 Units

 
75

 
111

Speed Commerce Investment Part, LLC (q)
 
 
 
High Tech Industries
 
629 Units

 
2,640

 
1,200

Tenere Inc. Warrant (q)
 
 
 
Capital Equipment
 
N/A

 
161

 
108

Texoak Petro Holdings LLC (q)
 
 
 
Energy: Oil & Gas
 
60,000 Units

 

 

Total Equity
 
 
 
 
 
 
 
5,004

 
3,554

Short Term Investments - 13.0%(k)
 
 
 
 
 
 
 
 
 
 
First American Treasury Obligations Fund, Class Z Shares, 0.78% (l)
 
 
 
 
 
 
 
134,498

 
134,498

Total Short Term Investments
 
 
 
 
 
 
 
134,498

 
134,498

TOTAL INVESTMENTS - 161.9%
 
 
 
 
 
 
 
$
1,671,817

 
1,673,558

LIABILITIES IN EXCESS OF OTHER ASSETS - (61.9%)