Kingsway Renews Credit Line

Toronto-based Kingsway Financial Services Inc. has entered into a US$175 million 3 year revolving credit facility which matures in June 2009 with a syndicate of three banks.

“This new credit facility replaces the existing Cdn$150 million [US $134 million] 364 day revolving credit facility, and contains similar terms, conditions and financial covenants to the facility it replaces,” said the announcement. In the new facility, The Bank of Nova Scotia acted as Administrative Agent, Co-Lead Arranger and Bookrunner, LaSalle National Bank as Syndication Agent and Co-Lead Arranger, and Royal Bank of Canada acted as Documentation Agent.

“We are pleased to have extended the maturity of our bank facility,” commented President and CEO Bill Star. “We expect this facility will provide us with greater flexibility to continue to support the profitable growth in our business.”