Medallion Financial unit renews $125 million facility for six months

By Tali Rackner

Norfolk, Va., Dec. 13 – Medallion Financial Corp. wholly owned subsidiary Taxi Medallion Loan Trust III renewed its $125 million credit facility for an additional six months, extending the maturity to June 15, 2017, according to a press release.

DZ Bank AG Deutsche Zentral-Genossenschaftsbank is the agent for the lender, Autobahn Funding Co. LLC.

“DZ Bank’s extension, as well as the extensions throughout 2016 of all our other credit facilities secured by taxi medallion loans, serves as a continued testament to our deep experience in the taxi medallion loan industry,” Medallion president Andrew Murstein said in the release.

“We have continued to maintain a strong and mutually beneficial relationship with DZ for eight years, and believe the ongoing support of our banking partners demonstrates their confidence in how we underwrite and manage our business. We look forward to working with all of them in the future.”

New York-based Medallion Financial is a specialty finance company that originates and services loans in commercial industries.

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