KFS - Kingsway Financial repurchases nearly all of its trust preferred debt

2023-03-20 11:03:22 ET

• Kingsway Financial Services ( NYSE: KFS ) said Monday it has repurchased nearly all of its trust preferred debt that it has under option.
• Through repurchases, the company has retired $74.6 million of principal and $21 million of deferred interest, effectively paying 60.8 cents on the dollar for greater than a 20% IRR.
• The remaining $0.9 million of principal and $0.2 million of deferred interest is expected to be completed in the coming days, the company said.
• Once all repurchases are completed, total pro forma outstanding debt as of December 31, 2022 would be $45.7 million.
• Press Release .

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