Medallion Financial lowers maximum commitment under credit facility

By Marisa Wong

Morgantown, W.Va., Dec. 29 – Taxi Medallion Loan Trust III, an indirect wholly owned subsidiary of Medallion Financial Corp., amended its credit agreement dated Dec. 12, 2008 with Autobahn Funding Co. LLC and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main to reduce the maximum commitment amount, according to an 8-K filing with the Securities and Exchange Commission.

Under the amendment, the maximum commitment amount of the credit facility was decreased to $135 million on Dec. 28 and will be decreased to $125 million on July 1, 2016.

The company made other technical changes as well, the filing noted.

The amount outstanding under the facility was about $122.6 million as of Sept. 30.

Medallion is a New York-based specialty finance company that focuses on the origination and servicing of loans to finance the purchase of taxicab medallions and related assets.

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