Canada’s Kingsway Financial Services Inc. announced that Kingsway America Inc., its wholly owned subsidiary, agreed to sell an additional U.S.$25 million of 7.50 percent Senior Notes due 2014, fully and unconditionally guaranteed by Kingsway Financial, in a private offering, subject to market and other customary conditions.
“The notes to be issued will be of the same series of securities as the U.S.$100 million Senior Notes issued on January 28, 2004. The price to investors will be 100.663 percent of the face amount of the notes, and interest will accrue from January 28, 2004, the initial date of issuance of the Senior Notes,” said the bulletin.
“The notes will be redeemable at Kingsway America’s option on or after February 1, 2009. Kingsway America intends to use the net proceeds to repay short-term bank indebtedness.”
Was this article valuable?
Here are more articles you may enjoy.
AIG’s Zaffino to Step Down as CEO as Aon’s Andersen Steps In 
Relief But Questions on Agents’ Duties to Insureds After Florida Court Ruling 
Berkshire Hathaway Raises New CEO Abel’s Salary to $25 Million 
Litigation Funding, Other New Laws in SE States Could Impact Liability Insurance 
