Medallion Financial amends loan, upping size, extending maturity

By Sara Rosenberg

New York, Jan. 10 - Medallion Financial Corp. amended its credit facility, increasing the size to $475 million from $325 million and extending the maturity by two years to September 2008, according to a company news release.

Merrill Lynch Commercial Finance Corp. is the lead bank on the deal.

"This new increase provides us with the flexibility and improved liquidity to permit us to grow our portfolio in the years ahead," president Andrew Murstein said in the release.

Medallion Financial is a New York-based specialty finance company with a leading position in the origination and servicing of loans to finance the purchase of taxicab medallions and related assets.

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