Medallion Financial Prices 2.9 Mln Shares Public Offering At $16.40/shr

(RTTNews) - Specialty finance company, Medallion Financial Corp. (TAXI), Tuesday said it priced its previously announced underwritten public offering of 2.9 million common shares at $16.40 per share. Further, the company has granted underwriters a 30-day option to purchase up to an additional 435,000 common shares to cover any over-allotments.

Medallion anticipates net proceeds from the offering of about $45.16 million, after deducting underwriting discounts, commissions and estimated offering expenses. Subject to customary closing condition, the offering is expected to close on December 6, 2013.

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.