Medallion Monetary Announces Completion of Personal Placement of $33.6 Million of Senior Unsecured Notes – Push Launch

NEW YORK–(Enterprise Wire)–Medallion Economical Corp. (Nasdaq: MFIN, “Medallion Financial” or the “Company”) declared today that it has accomplished a non-public placement of $33.6 million aggregate principal sum of set price senior unsecured notes to certain institutional traders. The notes will mature on December 30, 2027 and bear a preset desire amount of 7.50% per yr, compensated semi-yearly. The notes been given an expenditure quality rating of A minus by Egan-Jones.

“We are delighted to announce the closing of our private placement as our financially rewarding industrial and customer lending segments carry on to prosper,” stated Alvin Murstein, Chairman and CEO of Medallion Economical. “The Company intends to use the proceeds of this giving for basic company functions, like the reimbursement of our present general public 9% senior notes maturing in April 2021.”

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

The offer and sale of the notes have not been registered less than the Securities Act of 1933, or any condition securities guidelines, and the notes may perhaps not be available or sold in the United States absent registration or an relevant exemption from, or in a transaction not topic to the registration specifications of the Securities Act and relevant condition regulations.

This push launch is for informational applications only and does not constitute an offer you to sell or a solicitation of an supply to obtain the notes or any other securities of the Company, nor shall there be any sale of the notes or any other securities of the Firm in any state or other jurisdiction in which, or to any particular person to whom, these kinds of supply, solicitation or sale is unlawful.

About Medallion Economic Corp.

Medallion Fiscal Corp. is a finance firm that originates and services financial loans in different industries, and its wholly owned subsidiary, Medallion Bank, also originates and solutions consumer financial loans. Medallion Money Corp. has lent extra than $9 billion given that its first community offering in 1996.

Make sure you notice that this press release consists of ahead-hunting statements that contain dangers and uncertainties relating to company overall performance, money flow, net curiosity earnings and expenditures, other charges, earnings, and advancement. These statements are generally, but not constantly, made by means of the use of phrases or phrases these kinds of as “will” and “continue” or the unfavorable variation of all those terms or other equivalent words and phrases or phrases of a long run or forward-on the lookout nature. These statements relate to foreseeable future general public announcements of our earnings, expectations regarding medallion loan portfolio, the opportunity for upcoming asset progress and marketplace share alternatives. Medallion’s true benefits may possibly vary drastically from the results talked over in these ahead-searching statements. For case in point, statements about the outcomes of the COVID-19 pandemic on Medallion’s business, operations, fiscal efficiency and potential customers constitute forward-looking statements and are matter to the hazard that the actual impacts may possibly vary, probably materially, from what is mirrored in those people ahead-searching statements thanks to elements and potential developments that are uncertain, unpredictable and in quite a few scenarios outside of Medallion’s regulate, including the scope and length of the pandemic, steps taken by governmental authorities in response to the pandemic, and the direct and indirect influence of the pandemic on Medallion, its customers and third events. In addition to pitfalls similar to the ongoing COVID-19 pandemic, for a description of sure dangers to which Medallion is or may possibly be issue, be sure to refer to the components talked about less than the heading “Risk Factors” in Medallion’s 2019 Once-a-year Report on Form 10-K and Type 10-Q for the quarter ended September 30, 2020.