Medallion Financial Corp. Files 8-K with New Agreements

TL;DR

MFIN just dropped an 8-K - new material definitive agreement and financial obligations filed today.

AI Summary

On June 25, 2024, Medallion Financial Corp. entered into a material definitive agreement. This filing also indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. The report details other events and includes financial statements and exhibits.

Why It Matters

This 8-K filing signals significant new financial commitments or agreements for Medallion Financial Corp., potentially impacting its financial obligations and future operations.

Risk Assessment

Risk Level: medium — The filing indicates new financial obligations and agreements, which inherently carry some level of financial risk that needs further investigation.

Key Players & Entities

• Medallion Financial Corp. (company) — Registrant
• June 25, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share MFIN NASDAQ Global Select
• $5.0 million — or relating to the private placement of $5.0 million aggregate principal amount of the Compa
• $12.5 million — ivate placement, the Company's existing $12.5 million aggregate principal amount of 9.00% Sen
• $17.5 million — r a total aggregate principal amount of $17.5 million (the "Notes"). Closing of the issuance

Filing Documents

• mfin-20240625.htm (8-K) — 43KB
• mfin-ex4_1.htm (EX-4.1) — 492KB
• mfin-ex99_1.htm (EX-99.1) — 15KB
• img225047079_0.jpg (GRAPHIC) — 7KB
• 0000950170-24-077276.txt ( ) — 758KB
• mfin-20240625.xsd (EX-101.SCH) — 30KB
• mfin-20240625_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On June 25, 2024, Medallion Financial Corp., a Delaware corporation (the "Company"), entered into a Note Purchase Agreement (the "Note Purchase Agreement") with a certain institutional investor relating to the private placement of $5.0 million aggregate principal amount of the Company's 8.875% Senior Notes due 2039. In connection with such private placement, the Company's existing $12.5 million aggregate principal amount of 9.00% Senior Notes due 2033 are being canceled and replaced with new 8.875% Senior Notes due 2039, for a total aggregate principal amount of $17.5 million (the "Notes"). Closing of the issuance and sale of the Notes occurred on June 25, 2024. 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 June 30, 2039 and bear a fixed interest rate of 8.875% 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 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 full text of the form of 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.

01 Other Events

Item 8.01 Other Events. On June 25, 2024, 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.

01 Financial Statements and Exhibits

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 Form of Note Purchase Agreement, including the form of Note attached thereto . 99.1 Press Release, dated June 25, 2024 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2 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: June 25, 2024 MEDALLION FINANCIAL CORP. By: /s/ Anthony N. Cutrone Name: Anthony N. Cutrone Title: Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR