Kingsway Financial Services buys back C$33.93 million 6% debentures, $25.58 million of 7½% notes

By Jennifer Chiou

New York, July 8 - Kingsway Financial Services Inc. announced repurchases of C$33,932,000 of the 6% unsecured debentures due July 11, 2012 issued by Kingsway 2007 General Partnership and $25,583,000 of the 7½% senior notes due 2014 issued by Kingsway America Inc.

The Mississauga, Ont., non-standard automobile insurance company said it paid a total purchase price of $55.1 million.

The company added that these purchases were made following prior repurchases made in connection with the Jevco Insurance Co. transaction at the end of March.

Following the purchases, C$12.5 million of the 6% debentures and $26.9 million of the 7½% notes remain outstanding.

Kingsway added that it may make additional repurchases in the future.

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