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Medallion to offer $25M in unsecured convertible notes

MedallionFinancial Corp. on March 30 said it intends to offer $25 million inaggregate principal amount of unsecured convertible notes due April 15, 2021.

The notes will be convertible into common stock at theoption of holders, and the conversion rate, interest rate and other terms ofthe notes will be determined when the offering is priced. Medallion may notredeem the notes before April 15, 2018. The company intends to apply to listthe notes on the NASDAQ Capital Market and expects trading to commence therewithin 30 days of the first original issue date of the notes under the symbol"TAXIG."

Medallion expects to use the net proceeds from the offeringto make loans and other investments in portfolio companies and for generalcorporate purposes, including repaying borrowings under its revolving creditfacilities and expanding its operations.

The notes will rank senior in right of payment toMedallion's fixed/floating rate junior subordinated notes issued June 7, 2007,equal in right of payment to any of the company's unsecured indebtedness not sosubordinated, junior in right of payment to any of the company's securedindebtedness to the extent of the value of the assets securing suchindebtedness and structurally junior to all indebtedness and other liabilitiesof Medallion's subsidiaries.

Keefe Bruyette & Woods Inc. and Sandler O'Neill &Partners LP are acting as joint book-running managers in the offering.