Kingsway debenture sale expected to raise $77 million

Kingsway Financial Services Inc. (TSX, NYSE: KFS) says it will sell 8.25% unsecured senior debentures amounting to $78 million. The company filed a prospectus with Canadian regulators today based on an agreement with a syndicate of underwriters who will buy the debentures and sell them in Canada only. That sale should close December 6, 2002.Kingsway expects proceeds of $77.2 million from the sale, with the debentures due on December 31, 2007. The company says the capital will go to “support the expected growth of our business and for general corporate purposes, which may include the repayment of existing credit facilities”.