Morgan Stanley, Sandler O'Neill and Stifel, Nicolaus assist with sale
By Devika Patel
Knoxville, Tenn., May 21 - Medallion Financial Corp. said it settled a $37.52 million public offering of stock. The offering was announced May 15 and priced for $37.52 million with a $5.63 million greenshoe on May 16.
The company sold 3.5 million common shares at $10.72 apiece. The price per share is a 5.96% discount to the $11.40 closing price on May 15.
Morgan Stanley & Co. LLC, Stifel, Nicolaus & Co., Inc. and Sandler O'Neill + Partners, LP were the joint bookrunners.
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.
| Issuer: | Medallion Financial Corp.
|
| Issue: | Common stock
|
| Amount: | $37.52 million
|
| Shares: | 3.5 million
|
| Price: | $10.72
|
| Warrants: | No
|
| Bookrunners: | Morgan Stanley & Co. LLC, Stifel, Nicolaus & Co., Inc. and Sandler O'Neill + Partners, LP
|
| Announcement date: | May 15
|
| Pricing date: | May 16
|
| Settlement date: | May 21
|
| Stock symbol: | Nasdaq: TAXI
|
| Stock price: | $11.40 at close May 15
|
| Market capitalization: | $178.77 million
|
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