Medallion to sell 3.5 million common shares in public offering

Morgan Stanley, Sandler O'Neill and Stifel, Nicolaus assist

By Toni Weeks

San Diego, May 15 - Medallion Financial Corp. has commenced an underwritten public offering of common stock, according to a press release. The underwriters have a 30-day option for an additional 525,000 shares to cover over-allotments.

Morgan Stanley & Co. LLC, Stifel, Nicolaus & Co., Inc. and Sandler O'Neill + Partners, LP are the joint bookrunning managers.

Net proceeds will be used to make loans and other investments in portfolio companies and for general corporate purposes, including repaying borrowings under the company's revolving credit facilities.

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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