Medallion Financial Corp. announced that it has entered into a note purchase agreement for the private placement of fixed rate senior notes due on December 30, 2033 for gross proceeds of $12,500,000 on December 21, 2023. The transaction included participation from institutional investor.

The notes bear fixed interest rate of 9.00% per year. Interest payments on the Notes are payable semiannually on June 30 and December 30 of each year, commencing on June 30, 2024. The maturity date is December 30, 2033.

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 private placement of the Notes was exempt from registration under the Securities Act of 1933, as amended.