UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
October 10, 2006
Medallion Financial Corp.
(Exact name of registrant as specified in its charter)
| | | | |
| Delaware | | 814-00188 | | 04-3291176 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
| | |
| 437 Madison Avenue, 38th Floor, New York, New York | | 10022 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (212) 328-2100
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
As previously disclosed through a Current Report on Form 8-K filed on October 6, 2006 (SEC File No. 814-00188), on September 20, 2006, the Small Business Administration (the “SBA”) committed to reserve leverage in the form of debentures in an amount equal to $6.0 million (the “Commitment”) to Freshstart Venture Capital Corp. (“Freshstart”), a wholly-owned subsidiary of Medallion Financial Corp. Freshstart accepted the Commitment on October 10, 2006 and paid to the SBA a leverage fee in the amount of $60,000.00. The remaining portion of the leverage fee in the amount of $120,000.00 will be deducted pro rata as Freshstart draws from the Commitment proceeds. Freshstart can draw from the Commitment proceeds, in whole or in part, until September 30, 2010, the Commitment’s expiration date.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
| | |
| Exhibit No. | | Description |
| 10.1 | | Commitment Letter, dated September 20, 2006, by the Small Business Administration to Freshstart Venture Capital Corp., accepted and agreed to by Freshstart Venture Capital Corp. on October 10, 2006. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| MEDALLION FINANCIAL CORP. |
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| By: | | /s/ Larry D. Hall |
| Name: | | Larry D. Hall |
| Title: | | Chief Financial Officer |
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| Date: October 11, 2006 |
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Exhibit Index
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| Exhibit No. | | Description |
| 10.1 | | Commitment Letter, dated September 20, 2006, by the Small Business Administration to Freshstart Venture Capital Corp., accepted and agreed to by Freshstart Venture Capital Corp. on October 10, 2006. |
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