secwatch.observer — SEC 8-K summary
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Issuer:     KINGSTONE COMPANIES, INC. (KINS)
CIK:        0000033992
Form:       8-K
Filed at:   2022-12-12T23:59:59+00:00
Accession:  0001021771-22-000068
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Kingstone exchanges $21.5M 5.50% notes for higher-cost 12.0% notes, cash and warrants
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- Exchanging $21.5M of 5.50% Senior Notes due Dec 30, 2022 for $19.95M new 12.0% notes due Dec 30, 2024.
- Exchanging noteholders receive $1.595M cash plus accrued interest and 969,525 warrants at $1.00/share.
- Remaining $8.455M of Existing Notes to be repaid in cash at maturity on Dec 30, 2022.
- New notes carry 12.0% interest rate, more than doubling original 5.50%; warrants expire in three years.
- Exchange closes Dec 15, 2022, avoiding default on maturing notes but increasing debt cost.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/33992/000102177122000068/0001021771-22-000068-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/33992/000102177122000068/form8kdtd12922.htm
  HTML page:      https://secwatch.observer/filing/0001021771-22-000068

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