Kingsway completes private placement

Kingsway Financial Services Inc. (TSX, NYSE: KFS) says it has completed a private placement of trust preferred securities for net proceeds of US$9.7 milion.The almost US$10 million in 30-year floating rate trust preferred securities were sold only in Canada. The company says “the net proceeds of the offering will be used to provide additional capital to Kingsway’s subsidiaries to support the growth of our business and for general corporate purposes, which may include the repayment of existing credit facilities”.The company recently called off another offering of preferred trust securities until after the release of its third quarter results, slated for the end of the month.