Medallion Financial sells $75M 8.25% senior notes
Rhea-AI Filing Summary
Medallion Financial Corp. completed a private placement of $75.0 million aggregate principal amount of 8.25% senior unsecured notes due May 1, 2031 with institutional investors led by JP Morgan Investment Management Inc. The transaction closed on April 28, 2026 and was conducted under a Note Purchase Agreement.
The notes carry a fixed 8.25% annual interest rate, payable semiannually on May 1 and November 1, starting November 1, 2026, and rank pari passu with Medallion’s other unsecured, unsubordinated debt. They received an A- investment grade rating from Egan-Jones. Medallion plans to use the proceeds to support its growing consumer and commercial lending segments and for general corporate purposes.
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Insights
Medallion raises $75M in rated debt to fund loan growth.
Medallion Financial issued $75.0 million of senior unsecured notes bearing 8.25% interest and maturing in 2031. This adds long-term fixed-rate funding that aligns with its lending-focused business model and extends its debt maturity profile.
The notes rank pari passu with existing unsecured debt and received an A- rating from Egan-Jones, signaling investment-grade credit quality from that agency. The cost of capital is explicitly set at 8.25%, which is meaningful for net interest margin dynamics versus portfolio yields.
Management plans to direct proceeds toward expanding consumer and commercial lending and general corporate purposes, tying this financing directly to portfolio growth. Future company filings may detail how quickly the new capital is deployed across recreation, home improvement, and other loan verticals.
8-K Event Classification
Key Figures
Key Terms
private placement financial
senior unsecured notes financial
pari passu financial
investment grade rating financial
general corporate purposes financial
FAQ
What did Medallion Financial Corp. (MFIN) announce in this 8-K?
What are the key terms of Medallion Financial’s new senior notes?
How does Medallion Financial plan to use the $75 million note proceeds?
Who bought Medallion Financial’s new senior notes?
What credit rating did Medallion Financial’s new notes receive?
Are Medallion Financial’s new senior notes registered with the SEC?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On April 28, 2026, Medallion Financial Corp., a Delaware corporation (the “Company”), entered into a Note Purchase Agreement (the “Note Purchase Agreement”) with affiliates of JP Morgan Investment Management Inc. and certain other institutional investors relating to the private placement of $75.0 million aggregate principal amount of the Company’s 8.25% Senior Notes due 2031 (the “Notes”). Closing of the issuance and sale of the Notes occurred on April 28, 2026. The private placement of the Notes was exempt from registration under the Securities Act of 1933, as amended. The net proceeds from the sale of the additional Notes are expected to be used for general corporate purposes.
The Notes will mature on May 1, 2031 and bear a fixed interest rate of 8.25% per year. Interest payments on the Notes are payable semiannually on May 1 and November 1 of each year, commencing on November 1, 2026. The Notes are unsecured and unsubordinated obligations of the Company, ranking pari passu with the Company’s existing and future unsecured and unsubordinated indebtedness.
The foregoing description does not purport to be complete and is qualified in its entirety by reference to the Note Purchase Agreement, including the form of Note attached thereto, a copy of which is filed as Exhibit 4.1 to this Current Report on Form 8-K, which is incorporated herein by reference.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
Reference is made to the disclosure set forth under Item 1.01 above, which is incorporated herein by reference.
| Item 8.01 | Other Events. |
On April 28, 2026, the Company issued a press release announcing the Note Purchase Agreement and the Notes issued thereunder, along with the use of a portion of the proceeds therefrom for general corporate purposes. The press release is attached as Exhibit 99.1 hereto and is incorporated in this Item 8.01 by reference.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
The following exhibits are being filed with this Current Report on Form 8-K:
| 4.1 | Note Purchase Agreement, dated April 28, 2026, including the form of Note attached thereto. | |
| 99.1 | Press Release, dated April 28, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: April 28, 2026
| MEDALLION FINANCIAL CORP. | ||
| By: | /s/ Anthony N. Cutrone | |
| Name: | Anthony N. Cutrone | |
| Title: | Executive Vice President and Chief Financial Officer | |
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Exhibit 99.1
FOR IMMEDIATE RELEASE:
MEDALLION FINANCIAL CORP. ANNOUNCES COMPLETION OF
PRIVATE PLACEMENT OF $75.0 MILLION OF SENIOR NOTES TO GROUP LED BY
JP MORGAN INVESTMENT MANAGEMENT INC.
NEW YORK, NY – April 28, 2026 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today that it has completed a private placement of $75.0 million aggregate principal amount of senior unsecured notes (the “Notes”) to a group of institutional investors led by JP Morgan Investment Management Inc. The Notes, which will mature on May 1, 2031, bear a fixed interest rate of 8.25% per year, paid semi-annually. The Notes received an investment grade rating of A- by Egan-Jones.
The Company plans to use the proceeds to support its growing consumer and commercial lending segments and for general corporate purposes.
“We are pleased to announce the closing of this latest private placement as we expand our capital abilities and continue to grow our businesses,” stated Andrew Murstein, President and CEO of Medallion. “We’d like to thank all of our current lenders for their continued support, and want to especially thank our newest lender. We are delighted with the relationships we’ve forged through the years with our debt investors and stakeholders, many relationships spanning more than four decades. We are proud to welcome JP Morgan Investment Management Inc., one of the world’s leading institutional investors, as a new partner. We value the confidence they have shown in our business and in our future.”
Piper Sandler & Co. served as sole placement agent for the offering.
The offer and sale of the notes have not been registered under the Securities Act of 1933, or any state securities laws, and the notes may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to the registration requirements of the Securities Act and applicable state laws.
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy the notes or any other securities of the Company, nor shall there be any sale of the notes or any other securities of the Company in any state or other jurisdiction in which, or to any person to whom, such offer, solicitation or sale is unlawful.
About Medallion Financial Corp.
Medallion Financial Corp. (NASDAQ: MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries, and loan products and services offered through fintech strategic partners. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit www.medallion.com.
Forward-Looking Statements
Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, net interest income and expenses, other expenses, earnings, growth, and our growth strategy. These statements are often, but not always, made using words or phrases such as “will” and “continue” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to future public announcements of our earnings, expectations regarding our loan portfolio, including collections on our taxi medallion loans, the potential for future asset growth, and market share opportunities. Medallion’s actual results may differ significantly from the results discussed in such forward-looking statements. For example, statements about the effects of the current economy, whether inflation or the risk of recession, the effects of tariffs, operations, financial performance and prospects constitute forward-looking statements and are subject to the risk that the
actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond Medallion’s control. In addition to risks relating to the current economy, for a description of certain risks to which Medallion is or may be subject, please refer to the factors discussed under the heading “Risk Factors” in Medallion’s 2025 Annual Report on Form 10-K.
Company Contact:
Investor Relations
212-328-2176
InvestorRelations@medallion.com
Investor Relations
The Equity Group Inc.
Lena Cati
lcati@theequitygroup.com
(212) 836-9611
Val Ferraro
vferraro@theequitygroup.com
(212) 836-9633
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