Medallion Financial Announces Completion of Private Placement of $30 Million of Senior Unsecured Notes
March 26 2019 - 9:01AM
Business Wire
Medallion Financial Corp. (Nasdaq: MFIN, “Medallion Financial”
or the “Company”) announced today that it has completed a private
placement of $30 million aggregate principal amount of fixed rate
senior unsecured notes to certain institutional investors. The
notes will mature on March 22, 2024 and bear a fixed interest rate
of 8.25% per year, paid semi-annually, commencing on September 22,
2019. The notes received an investment grade rating of A minus by
Egan-Jones.
“We are pleased to announce the closing of this raise,” stated
Andrew Murstein, President of Medallion Financial. “The proceeds of
this offering will be used in part to increase our capital base at
Medallion Bank, to pay down certain existing outstanding debt and
for other general corporate purposes. We are pleased with the high
level of interest this offering received from investors and their
belief in the success of Medallion Financial’s business model.”
Sandler O’Neill + Partners, L.P. acted as sole placement agent
for the offering.
The 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.
This 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.
About Medallion Financial Corp.
Medallion 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 $8 billion
since its initial public offering in 1996.
Please note that this press release contains forward-looking
statements that involve risks and uncertainties relating to
business performance, cash flow, costs, sales, net investment
income, earnings, and growth. Medallion Financial’s actual results
may differ significantly from the results discussed in such
forward-looking statements. Factors that might cause such a
difference include, but are not limited to, those factors discussed
under the heading “Risk Factors,” in Medallion Financial’s 2018
Annual Report on Form 10-K.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190326005571/en/
Company Contact:Alex
ArzenoInvestor
Relations212-328-2176InvestorRelations@medallion.com
Medallion Financial (NASDAQ:MFIN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Medallion Financial (NASDAQ:MFIN)
Historical Stock Chart
From Apr 2023 to Apr 2024