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Medallion Financial Announces Completion of Private Placement of $25.0 Million of Senior Unsecured Notes
NEW YORK--(BUSINESS WIRE)-- Medallion Financial Corp. (Nasdaq: MFIN, “Medallion Financial” or the “Company”) announced today that it has completed a private
About this update from Medallion Financial Corp.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nMedallion Financial Corp. (Nasdaq: MFIN, “Medallion Financial” or the “Company”) announced today that it has completed a private placement of $25.0 million aggregate principal amount of fixed rate senior unsecured notes to certain institutional investors. The notes will mature on February 26, 2026 and bear a fixed interest rate of 7.25% per year, paid semi-annually. The notes received an investment grade rating of A minus by Egan-Jones. This transaction is in addition to the private placement of other notes aggregating $39.1 million principal amount in December 2020 and February 2021.\n\n“We are pleased to announce the closing of this additional private placement as our profitable commercial and consumer lending segments continue to prosper,” stated Alvin Murstein, Chairman and CEO of Medallion Financial. “The Company intends to use the proceeds of this offering, together with that of our other recent private placements, for general corporate purposes, including the repayment of our existing public 9% senior notes maturing in April 2021.”\n\nWedbush Securities Inc. served as placement agent for the offering.\n\nThe offer and sale of the notes have not been registered under the Securities Act of 1933, or any state securities laws, and the notes may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to the registration requirements of the Securities Act and applicable state laws.\n\nThis press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy the notes or any other securities of the Company, nor shall there be any sale of the notes or any other securities of the Company in any state or other jurisdiction in which, or to any person to whom, such offer, solicitation or sale is unlawful.\n\nAbout Medallion Financial Corp.\n\nMedallion Financial Corp. is a finance company that originates and services loans in various industries, and its wholly owned subsidiary, Medallion Bank, also originates and services consumer loans. Medallion Financial Corp. has lent more than $9 billion since its initial public offering in 1996.\n\nPlease note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performanc...