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Medallion Financial Corp. Announces Exercise of Notes over-Allotment Option

NEW YORK, Apr 29, 2016 (BUSINESS WIRE) -- Medallion Financial Corp. TAXI, +2.26% a specialty finance company that originates and services loans in various niche industries (the “Company”), announced today the sale of $3,625,000 aggregate principal amount of its 9.00% Notes due 2021 (the “Notes”) in respect of the Company’s previously announced offering of the Notes pursuant to an exercise of the underwriters’ option to purchase additional notes to cover over-allotments. The Notes sold on April 29, 2016 have the same terms in all respects as the Notes previously sold in such offering. Following today’s closing, the Company has issued a total of $33,625,000 aggregate principal amount of the Notes.

The Company expects to use the net proceeds from the offering to make loans and other investments in portfolio companies and for general corporate purposes, including repaying borrowings under its revolving credit facilities in the ordinary course of business and expanding its operations.

The securities described above are being offered by the Company pursuant to an effective shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (the...