MFIN - Medallion Financial Corp. Announces Completion of Amended and Restated Private Placement of $17.5 Million of Senior Notes | Benzinga
NEW YORK, June 25, 2024 (GLOBE NEWSWIRE) -- Medallion Financial Corp. (NASDAQ:MFIN, "Medallion" or the "Company")), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today that it has completed a private placement of $17.5 million aggregate principal amount of senior unsecured notes to a certain institutional investor, by amending and restating its existing 9.00% senior notes due 2033. The notes now mature on June 30, 2039, and bear a fixed interest rate of 8.875% per year, paid semi-annually commencing June 30, 2024. The notes received an investment grade rating of A- by Egan-Jones.
As disclosed via a Current Report on Form 8-K filed on December 28, 2023, the Company initially completed a private placement of $12.5 million aggregate principal amount of senior unsecured notes to a certain institutional investor. At that time, the notes were to mature on December 30, 2033, and bear a fixed interest rate of 9.00% per year, paid semi-annually, with the initial payment expected on June 30, 2024. On June 24, 2024, the Company completed a private placement amending and restating such 9.00% senior notes due ...