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Medallion Financial to offer $25M in notes

Medallion FinancialCorp. is offering $25 million principal amount of notes due 2021, accordingto a preliminary prospectus supplement filed April 11.

The notes will mature April 15, 2021. Interest will be payablequarterly in arrears on Jan. 15, April 15, July 15 and Oct. 15 of each year, beginningJuly 15. The company does not have the right to redeem the notes before April 15,2020.

Medallion plans to list the notes on the NASDAQ Global SelectMarket within 30 days of the original issue date under the symbol TAXIL.

The underwriters were granted the right to purchase, exercisablewithin a 30-day period, up to an additional $3.8 million principal amount of notes,solely to cover overallotments.

The notes will be Medallion's direct unsecured obligations andwill rank senior in right of payment to any of Medallion's debt that is expresslysubordinated in right of payment to the notes, including the company's fixed/floatingrate junior subordinated notes issued June 7, 2007; equal in right of payment toany of Medallion's debt that is not so subordinated; junior in right of paymentto any of the company's secured debt to the extent of the value of the assets securingsuch debt; and structurally junior to all debt and other liabilities of Medallion'ssubsidiaries.

Medallion plans to use part of the proceeds to make loans toand other investments in portfolio companies and for general corporate purposes,including repaying borrowings under the company's credit facilities in the ordinarycourse of business and expanding operations. Pending such use, Medallion intendsto invest part of the net proceeds in cash equivalents, U.S. government securitiesand other debt instruments that mature in one year or less from the date of investment.

Keefe Bruyette & Woods Inc. and Sandler O'Neill & PartnersLP are the joint book-running managers for the offering. Janney Montgomery ScottLLC serves as lead manager, while Ladenburg Thalmann & Co. Inc. is co-manager.