Canadian Underwriter

Kingsway placement raises US$12.6 million

December 22, 2003   by Canadian Underwriter

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Kingsway Financial Services Inc. (TSX, NYSE: KFS) has completed its sixth private placement of trust preferred securities for the past twelve months, this time netting US$12.6 million.
The placement included US$13 million in 30-year floating rate securities, with the proceeds earmarked for support business growth and other corporate purposes.
Since December 2002, the company has raised about US$87.8 million through placement of these 30-year trust preferred securities. During the same period, Kingsway has also issued Cdn$78 million in senior debentures. For the year ending September 30, 2003, the company generated net proceeds of Cdn$92.7 million to support growth.

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