MEDALLION FINANCIAL CORP (MFIN): debt financing — Medallion Financial closes $39M private placement of 9.25% Senior Notes due 2028; repurchases $33M 2024 notes

MEDALLION FINANCIAL CORP

Issued $39.0M aggregate principal of 9.25% Senior Notes due Sep 2028; rating A- from Egan-Jones.
Used $33.0M of proceeds to repurchase existing 8.25% senior notes due 2024 at 100.89% of par; balance for general corporate purposes.
New notes are unsecured, unsubordinated, rank pari passu with existing unsecured debt; interest paid semi-annually.
Privately placed with institutional investors; Piper Sandler served as sole placement agent.
Chairman Alvin Murstein stated financing reinforces financial flexibility and balance sheet strength.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MEDALLION FINANCIAL CORP incurred senior notes of $39.0 million aggregate principal amount with certain institutional investors at 9.25% per year maturing 2028.

Instrument: senior notes
Principal: $39.0 million aggregate principal amount
Counterparty: certain institutional investors
Rate: 9.25% per year
Maturity: 2028
Event: incurrence

Exact text from the filing

On September 29, 2023, Medallion Financial Corp., a Delaware corporation (the “Company”), entered into several Note Purchase Agreements (the “Note Purchase Agreements”) with certain institutional investors relating to the private placement of its $39.0 million aggregate principal amount of 9.25% Senior Notes due 2028 (the “Notes”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MEDALLION FINANCIAL CORP entered into Note Purchase Agreements with certain institutional investors valued at $39.0 million aggregate principal amount of 9.25% Senior Notes due 2028 (effective 2023-09-29).

Action: entry
Agreement: notes offering
Counterparty: certain institutional investors
Value: $39.0 million aggregate principal amount of 9.25% Senior Notes due 2028
Effective: 2023-09-29

Exact text from the filing

On September 29, 2023, Medallion Financial Corp., a Delaware corporation (the “Company”), entered into several Note Purchase Agreements (the “Note Purchase Agreements”) with certain institutional investors relating to the private placement of its $39.0 million aggregate principal amount of 9.25% Senior Notes due 2028 (the “Notes”).

View on SEC.gov

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MEDALLION FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0001193125-23-248561

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