Medallion unit extends loan as it seeks longer extension of maturity

By Marisa Wong

Morgantown, W.Va., July 6 – Taxi Medallion Loan Trust III, an indirect wholly owned subsidiary of Medallion Financial Corp., amended its amended and restated loan agreement dated Dec. 12, 2016 to extend the maturity date of the facility to July 15, 2017.

The parties to the credit agreement are in the process of negotiating and drafting an amendment to the credit agreement to extend the term of the agreement for a longer period and expect to complete this amendment by July 15, according to an 8-K filed Thursday with the Securities and Exchange Commission.

DZ Bank AG is the agent.

Taxi Medallion obtained the temporary extension on June 30.

The company had amended the credit agreement for a similar extension early last month, as previously reported. At the time, the company expected to complete the long-term extension by June 30.

New York-based Medallion Financial is a specialty finance company that originates and services loans in commercial industries.

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