NEW YORK–(Enterprise Wire)–Medallion Financial Corp. (Nasdaq: MFIN, “Medallion Financial” or the “Company”) introduced currently that it has concluded a non-public placement of $33.6 million aggregate principal total of preset fee senior unsecured notes to sure institutional traders. The notes will experienced on December 30, 2027 and bear a preset curiosity fee of 7.50% for every year, compensated semi-each year. The notes acquired an financial investment quality rating of A minus by Egan-Jones.
“We are happy to announce the closing of our non-public placement as our financially rewarding industrial and purchaser lending segments continue to prosper,” mentioned Alvin Murstein, Chairman and CEO of Medallion Economic. “The Corporation intends to use the proceeds of this providing for normal corporate purposes, like the repayment of our current general public 9% senior notes maturing in April 2021.”
Piper Sandler & Co. served as direct placement agent and Oppenheimer & Co. Inc. and B. Riley Securities, Inc. served as co-placement agents for the featuring.
The provide and sale of the notes have not been registered below the Securities Act of 1933, or any point out securities laws, and the notes may perhaps not be supplied or offered in the United States absent registration or an applicable exemption from, or in a transaction not topic to the registration requirements of the Securities Act and relevant condition legislation.
This push launch is for informational uses only and does not represent an give to offer or a solicitation of an offer you to buy the notes or any other securities of the Firm, nor shall there be any sale of the notes or any other securities of the Business in any state or other jurisdiction in which, or to any man or woman to whom, such offer, solicitation or sale is unlawful.
About Medallion Economical Corp.
Medallion Money Corp. is a finance organization that originates and solutions financial loans in several industries, and its wholly owned subsidiary, Medallion Bank, also originates and companies client loans. Medallion Economic Corp. has lent far more than $9 billion since its first general public providing in 1996.
You should notice that this press launch includes forward-wanting statements that involve threats and uncertainties relating to business overall performance, funds flow, internet interest revenue and fees, other fees, earnings, and advancement. These statements are usually, but not constantly, made by way of the use of words and phrases or phrases this kind of as “will” and “continue” or the adverse version of those people words or other comparable words or phrases of a potential or ahead-hunting character. These statements relate to future general public bulletins of our earnings, expectations with regards to medallion personal loan portfolio, the opportunity for upcoming asset development and current market share alternatives. Medallion’s real benefits may differ considerably from the success reviewed in this kind of forward-seeking statements. For instance, statements about the results of the COVID-19 pandemic on Medallion’s business enterprise, operations, monetary performance and prospective clients constitute forward-wanting statements and are issue to the chance that the real impacts may possibly differ, maybe materially, from what is reflected in people ahead-looking statements because of to things and foreseeable future developments that are unsure, unpredictable and in many circumstances further than Medallion’s regulate, including the scope and duration of the pandemic, actions taken by governmental authorities in reaction to the pandemic, and the immediate and oblique influence of the pandemic on Medallion, its buyers and third functions. In addition to threats connected to the ongoing COVID-19 pandemic, for a description of selected hazards to which Medallion is or may perhaps be issue, make sure you refer to the aspects discussed underneath the heading “Risk Factors” in Medallion’s 2019 Once-a-year Report on Variety 10-K and Kind 10-Q for the quarter finished September 30, 2020.
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Alex Arzeno
Investor Relations
212-328-2168
[email protected]
