NEW YORK--()--Medallion Financial Corp. (NASDAQ: TAXI), a specialty banking associates with a best determine servicing the taxicab diligence and other slot markets, announced today that, through a faithful drive subsidiary, it has entered into a imaginative commercial paper conduit expertness agreement with DZ Bank AG Deutsche Zentral-Genossenschaftsbank ("DZ Bank") as Agent for its conduit, Autobahn Funding Company LLC. Approximately $70 million of the proceeds from the masterfulness was occupied to return the favour all borrowings under the company’s skilfulness with Merrill Lynch. The left amounts under the efficiency will be accessible to require the company with greater liquidity to underwrite and grow its taxi medallion portfolio.
The dexterity covers taxicab medallion lending in New York City as well as Boston, Chicago and other cities throughout the United States. The sign smoothness aggregate is $200,000,000 and has a duration of five years. Andrew Murstein, President of Medallion Financial stated, "We are very on top of the world to have entered into this changed transaction, outstandingly in the in touch honour environment.
We think this underscores the effectual asset worth underlying our medallion loans and the continued confident performance of our medallion accommodation portfolio and our company overall. We are peculiarly excited about the opportunity to occasion another high-quality committed lender identical to DZ Bank into our stable of funding sources. During December, together with the beforehand announced renewal of our Citibank facility, we have entered into agreements with third crew lenders for $425 million of committed capital. We into that speaks volumes as to the merit characteristic and prospects of Medallion Financial.
" Larry Hall, Medallion Financial’s Chief Financial Officer, stated, "Since December 31, 2006, corporate medallion prices in New York City have increased more than 38% and currently outrank $700,000. This fresh depend on skill is the longest appellation bank readiness into which Medallion has entered and provides us with a quieten overall expenditure of funds than did our swiftness with Merrill Lynch. This five year commitment, together with our other funding sources such as Medallion Bank, ensures we have the funding life-or-death to go on to effectively thrive the portfolio in the years ahead." About Medallion Financial Medallion Financial Corp. is a specialty fund society with a chief emplacement in the origination and servicing of loans financing the grasp of taxicab medallions and agnate assets.
The Company also originates and services loans in other commercial industries and its wholly-owned portfolio party Medallion Bank also originates and services consumer loans. The Company and its subsidiaries have lent over $3 billion to the taxicab manufacture and other humble businesses. Please note that this impel emancipate contains forward-looking statements that encompass risks and uncertainties relating to trade performance, bills flow, costs, sales, bag investment income, earnings, and growth. Medallion’s present results may vary significantly from the results discussed in such forward-looking statements.
Factors that might cause such a balance include, but are not restrictive to, those factors discussed under the heading "Risk Factors," in Medallion’s 2007 Annual Report on Form 10-K.
Video:
Honoured site: read here
No comments:
Post a Comment