Medallion Financial Closes Public Offering of Common Stock
Medallion Financial Corp., a specialty finance company with a position servicing the taxicab industry and other niche markets, announced that it has closed its previously announced underwritten public offering of 3.5 million 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. Morgan Stanley, Stifel, Nicolaus & Company and Sandler O’Neill + Partners acted as joint bookrunning managers.
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.
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