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Medallion Financial upsizes notes offering

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Medallion Financial upsizes notes offering

Medallion FinancialCorp. said April 12 that it has increased the size of its previouslyannounced of 9.00% notes due 2021 to $30 millionin aggregate principal amount as a result of increased demand for the notes.

The underwriters were also granted an overallotment option, exercisablein whole or in part for a period of 30 days following closing of the offering, topurchase up to an additional $4.5 million in aggregate principal amount of notes.

The notes will mature April 15, 2021. Interest will accrue fromApril 15 and will be payable quarterly in arrears on Jan. 15, April 15, July 15and Oct. 15 of each year, starting July 15.

The notes will rank senior in right of payment to any of Medallion'sdebt that is expressly subordinated in right of payment to the notes, includingthe company's fixed/floating rate junior subordinated notes issued June 7, 2007;equal in right of payment to any of Medallion's unsecured debt that is not so subordinated;junior in right of payment to any of the company's secured debt to the extent ofthe value of the assets securing such debt; and structurally junior to all debtand other liabilities of Medallion's subsidiaries.

Medallion may not redeem the notes before April 15, 2020. Thecompany may redeem for cash all or any portion of the notes, at its option, on orafter April 15, 2020, at a redemption price equal to the greater of 100% of theprincipal amount of the notes being redeemed and the discounted present value ofsuch notes, discounted at the corresponding U.S. Treasury rate plus 50 basis points,plus accrued and unpaid interest to, but excluding, the redemption date.

Medallion plans to apply to list the notes on the NASDAQ GlobalSelect Market and expects trading to commence within 30 days of the notes' firstoriginal issue date under the symbol TAXIL.

The company expects to use the offering's net proceeds to makeloans and other investments in portfolio companies and for general corporate purposes,including repaying borrowings under its revolving credit facilities in the ordinarycourse of business and expanding its operations.

Keefe Bruyette & Woods and Sandler O'Neill & PartnersLP are acting as joint book-running managers for the offering.