Toronto-based Kingsway Financial Services Inc. announced the completion of a private placement of approximately US$20 million in 30-year floating rate trust preferred securities, with net proceeds of approximately US$19.4 million.
Kingsway said it would use the funds to “provide additional capital to Kingsway’s subsidiaries to support the growth of our business and for general corporate purposes, which may include the repayment of existing credit facilities.”
The company specializes in trucking insurance and non-standard auto policies sold through subsidiary companies in the U.S. and Canada.
It also noted that the securities “have not been registered under the United States Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act.”
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