Morgan Stanley, Keefe, Bruyette & Woods, Sandler O'Neill assist
By Devika Patel
Knoxville, Tenn., Dec. 3 - Medallion Financial Corp. said it priced a $47.56 million public offering of stock with a $7.13 million greenshoe. The offering was announced Monday.
The company will sell 2.9 million common shares at $16.40 per share. The price per share is a 6.5% discount to the Dec. 2 closing share price of $17.54.
Morgan Stanley & Co. LLC, Keefe, Bruyette & Woods, Inc. and Sandler O'Neill & Partners, LP are the joint bookrunning managers.
Settlement is expected Dec. 6.
Proceeds will be used to make loans and other investments in portfolio companies and for general corporate purposes, including repaying debt under the company's revolving credit facilities and expanding its operations.
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: | $47.56 million
|
| Greenshoe: | $7,134,000
|
| Shares: | 2.9 million
|
| Price: | $16.40
|
| Warrants: | No
|
| Bookrunners: | Morgan Stanley & Co. LLC, Keefe, Bruyette & Woods, Inc. and Sandler O'Neill & Partners, LP
|
| Announcement date: | Dec. 2
|
| Pricing date: | Dec. 3
|
| Settlement date: | Dec. 6
|
| Stock symbol: | Nasdaq: TAXI
|
| Stock price: | $17.54 at close Dec. 2
|
| Market capitalization: | $348.46 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
