MFIN - Medallion Financial raises $33.6M from private placement of notes

Medallion Financial (MFIN) completes a private placement of $33.6M of fixed rate senior notes to certain institutional investors.The notes will mature on Dec. 30, 2027 and bear a fixed interest rate of 7.50% per year, paid semi-annually.The notes received an investment grade rating of A- by Egan-Jones.MFIN expects to use proceeds for general corporate purposes including the repayment of its existing public 9% senior notes maturing in April 2021.

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Medallion Financial raises $33.6M from private placement of notes