Medallion FinancialCorp. on April 12 announced the pricing of $27.5 million in aggregateprincipal amount of 9.000% notes due 2021.
The notes will mature April 15, 2021. Interest on the notes willaccrue from April 15 and will be payable quarterly in arrears on Jan. 15, April15, July 15 and Oct. 15 each year, beginning July 15.
Medallion Financial intends to apply to list the notes on theNasdaq Global Select Market and expects trading to begin within 30 days of the firstoriginal issue date of the notes under the symbol TAXIL.
The company expects to use the net proceeds from the offeringto make loans and other investments in portfolio companies and for general corporatepurposes, including repaying borrowings under its revolving credit facilities andexpanding its operations.
The company may not redeem the notes prior to April 15, 2020.The company may redeem for cash all or any portion of the notes on or after April15, 2020, at a redemption price equal to the greater of 100% of the principal amountof the notes being redeemed and the discounted present value of those notes, discountedat the corresponding U.S. Treasury rate plus 50 basis points, plus accrued and unpaidinterest to, but excluding, the redemption date.
Keefe Bruyette & Woods and Sandler O'Neill & PartnersLP are acting as joint book-running managers for the offering.