Kingsway pays $22.1 million for deferred interest on trust preferreds

By Susanna Moon

Chicago, Nov. 9 – Kingsway Financial Services Inc. said holders will be paid $22.1 million of interest that has been deferred on six outstanding trust preferreds since the first quarter of 2011.

“Since the first quarter of 2011, we have been deferring interest on the principal value of our subordinated debt,” Larry G. Swets Jr., the company’s president and chief executive officer, said in a company press release.

“This payment represents a significant step toward streamlining our capital structure and allowing us to devote all of our time and financial flexibility on long-term value creation.”

Kingsway is a Toronto-based holding company functioning as a merchant bank.

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