Medallion Bank announced the pricing of a public offering for 3,000,000 shares of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G. The offering has an aggregate liquidation amount of $75 million, with each share priced at $25.
Dividends on the Series G Preferred Stock will accrue at a fixed rate of 9.00% per annum from the original issue date until July 1, 2030. After this date, the rate will reset to the five-year U.S. Treasury rate plus 4.94% per annum, payable quarterly in arrears.
The net proceeds from this offering are intended for general corporate purposes, including increasing Medallion Bank's capital levels, growing its consumer loan portfolios, or potentially redeeming some or all of its outstanding Series F Preferred Stock. The offering is expected to close on May 22, 2025, subject to customary closing conditions.
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