NEW YORK, May 21, 2012 (BUSINESS WIRE) –
Medallion Financial Corp.
, a specialty finance company
with a leading position servicing the taxicab industry and other niche
markets (the “Company”), today announced that it has closed its
previously announced underwritten public offering of 3,500,000 shares of
its common stock at a price of $10.72 per share. The Company raised
approximately $35.4 million in net proceeds after deducting underwriting
discounts and commissions.
The Company expects to use the net proceeds from the offering to make
loans and other investments in portfolio companies and for general
corporate purposes, including repaying borrowings under the Company’s
revolving credit facilities in the ordinary course of business.
Morgan Stanley Co. LLC, Stifel, Nicolaus Company, Incorporated and
Sandler O’Neill + Partners, L.P. acted as joint bookrunning managers.
About Medallion Financial Corp.
Medallion Financial Corp. is a specialty finance company with a leading
position in the origination and servicing of loans financing the
purchase of taxicab medallions and related assets. The Company also
originates and services loans in other commercial industries, and its
wholly-owned portfolio company, Medallion Bank, also originates and
services consumer loans.
This press release contains certain forward-looking statements,
including statements with regard to the Company’s proposed securities
offering and the anticipated use of the net proceeds of the offering.
These forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions and no
assurance can be given that the securities offering discussed above will
be consummated on the anticipated terms or at all. Completion of the
securities offering and the terms thereof are subject to numerous
factors, many of which are beyond the control of the Company, including,
without limitation, market conditions and failure of customary closing
conditions. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE: Medallion Financial Corp.
AT THE COMPANY: Medallion Financial Corp. Andrew M. Murstein, President Larry D. Hall, CFO 1-212-328-2100 1-877-MEDALLION or AT ZLOKOWER COMPANY Public Relations Harry Zlokower/Dave Closs 1-212-447-9292
Copyright Business Wire 2012
Add to portfolio