Kingsway Financial (KFS)

[ScovilleUnits]

Kingsway announces repurchase of outstanding indebtedness

Thursday , July 08, 2010 18:38ET

TORONTO, July 8 /PRNewswire-FirstCall/ - Kingsway Financial Services Inc. (NYSE, TSX: KFS) (the "Company") announced today that since the debt repurchases made in connection with the disposition of Jevco Insurance Company at the end of March 2010, it has repurchased an aggregate principal amount of C$33,932,000 of Unsecured 6% Debentures due July 11, 2012 issued by Kingsway 2007 General Partnership (the "2012 Debentures") and an aggregate principal amount of US$25,583,000 of 7.50% Senior Notes due 2014 (the "2014 Notes") issued by Kingsway America Inc., for a total purchase price of approximately US$55.1 million.

As a result of these acquisitions, the aggregate principal amount of 2012 Debentures and 2014 Notes that remains outstanding is C$12.5 million and US$26.9 million, respectively.

The acquisitions were made in the ordinary course for capital management purposes and the Company may make additional repurchases in the future, depending on price, availability and general market conditions.