Kingsway proposes Canadian public debt offering

Specialty-risk insurer Kingsway Financial Services (TSE: KFS) has filed for approval from security regulators to make a public offering of senior unsecured debentures. The value of the offering has not been disclosed. Kingsway says proceeds from the offering will be used to support growth within the company’s operating subsidiaries, as well as reduce its revolving credit facility.
The insurer also plans on offering between US$65-$75 million of trust preferred securities in the U.S. capital markets before the end of 2002. The offering will be subject to prevailing market conditions. The trust preferred securities will rank subordinate to the debentures.