NEW YORK--(BUSINESS WIRE)--Medallion Financial Corp. (Nasdaq: MFIN) announced today that it has completed a private placement of $33.6 million aggregate principal amount of fixed rate senior unsecured notes to certain institutional investors. The notes will mature on December 30, 2027 and bear a fixed interest rate of 7.50% per year, paid semi-annually. The notes received an investment grade rating of A minus by Egan-Jones.

“We are pleased to announce the closing of our private placement as our profitable commercial and consumer lending segments continue to prosper,” stated Alvin Murstein, Chairman and CEO of Medallion Financial. “The Company intends to use the proceeds of this offering for general corporate purposes, including the repayment of our existing public 9% senior notes maturing in April 2021.”

Piper Sandler & Co. served as lead placement agent and Oppenheimer & Co. Inc. and B. Riley Securities, Inc. served as co-placement agents for the offering.

About Medallion Financial Corp.

Medallion Financial Corp. is a finance company that originates and services loans in various industries, and its wholly owned subsidiary, Medallion Bank, also originates and services consumer loans. Medallion Financial Corp. has lent more than $9 billion since its initial public offering in 1996.