What’s New: In Brief (January 02, 2008)

Kingsway Financial Services has entered into a 365-day, Cdn$70-million credit facility agreement with a syndicate of banks.
The Bank of Nova Scotia acted as administrative agent, lead arranger and bookrunner, while the Royal Bank of Canada acted as documentation agent.
In a press release announcing the agreement, Kingsway said the Cdn$70-million credit facility is supplemental to an existing US$175-million credit facility that matures in June 2009.
“We are pleased that our relationships with our banking partners have enabled us to obtain this additional flexibility particularly at this time when credit conditions in the markets are challenging,” Shaun Jackson, the executive vice president and CFO of Kingsway Financial, said.
“We have undrawn amounts under our current facility but will utilize these new funds to repay our maturing 8.25%, C$78-million debentures on Dec. 31, 2007 at a lower financing cost.”

CARSTAR Automotive Canada has opened a new franchise in Brockville, Ont.
Dixon CARSTAR, located at 680 Stewart Boulevard, is the newest location to join the 120 franchises that make up the Canadian CARSTAR network.
Arnold Dixon, owner of Dixon CARSTAR Collision, is “relatively new to the auto collision industry,” a press release notes. “But his experience in the car rental business and a KIA dealership has provided him with a solid foundation to launch this business.”
General manager Chuck Elliott has more than 27 years of experience in the automotive and freightliner collision industry.
“Our repair centre has only been open for one year and I saw the value in partnering with CARSTAR right away,” said Dixon. “I think CARSTAR will help open some doors for us and there are a lot of resources that I will now be able to draw from.”