Medley Capital Corporation 6.50 NT 013021
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- Medley Capital Corporation (NYSE: MCX) serves as the issuer of the 6.50% Notes due January 30, 2021, which represent a fixed-income security originally issued by the company. Prior to its rebranding, Medley Capital Corporation operated as a non-diversified, closed-end management investment company regulated as a business development company (BDC) under the Investment Company Act of 1940; it provided customized financing solutions, including first lien senior secured loans, second lien secured loans, senior secured notes, senior subordinated notes, unitranche loans, and equity investments such as warrants, primarily to privately held small and middle-market companies with enterprise values between $25 million and $250 million. The company targeted sectors including business services, real estate, energy, industrials, transportation, financials, healthcare, and retail; it sourced deals through direct relationships with borrowers, financial intermediaries, and sponsors while focusing on underserved borrowers. Founded in 2010 and headquartered at 280 Park Avenue, 6th Floor East, New York, New York, the company commenced operations following its initial public offering in January 2011 and was externally managed by MCC Advisors LLC. Its portfolio emphasized direct origination of private debt to generate current income and capital appreciation, with investments typically held to maturity or repayment over three to seven years. In a major strategic shift, Medley Capital Corporation internalized its management structure effective January 1, 2021, terminating its advisory agreement with Medley Management Inc. and appointing David Lorber as interim CEO; simultaneously, it changed its name to PhenixFIN Corporation (NASDAQ: PFX), transferred its common stock and notes listings from NYSE to NASDAQ (with notes trading under PFXNL), and severed ties with prior Medley entities amid the latter's bankruptcy proceedings. These changes followed challenges including a failed 2018 merger with Sierra Income Corporation and regulatory scrutiny; PhenixFIN has since operated independently as an internally managed BDC, pursuing debt and equity investments in North American middle-market companies. As of 2025, PhenixFIN maintains operations with recent amendments to credit facilities and shareholder-approved governance updates, while the MCX notes continue trading separately at approximately $25.06 per recent quotes.