Kingsway sells Texas railyard for $44.5M cash plus assumption of $171.2M in debt

KINGSWAY FINANCIAL SERVICES INC

TRT Leaseco (Kingsway subsidiary) agrees to sell Liberty County, TX railyard to BNSF Dayton LLC (BNSF affiliate).
Purchase price: $44,500,000 cash plus assumption of ~$171,192,344 in existing loans (total ~$215.7M).
Seller will assign landlord rights under existing railway lease to buyer; buyer is current tenant BNSF Railway.
Closing expected on or before Dec 30, 2022; buyer can terminate for any reason until Dec 23, 2022.
Seller and affiliates released from indemnity/guaranty obligations on the existing loans at closing.

Key facts

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

KINGSWAY FINANCIAL SERVICES INC entered into Purchase and Sale Agreement with BNSF Dayton LLC valued at 44,500,000.00 (effective 2022-12-22).

Action: entry
Agreement: asset purchase
Counterparty: BNSF Dayton LLC
Value: 44,500,000.00
Effective: 2022-12-22

Exact text from the filing

On December 22, 2022, TRT Leaseco, LLC (“Kingsway Seller”), an indirect subsidiary of Kingsway Financial Services Inc. (the “Company”), entered into a Purchase and Sale Agreement (the “Agreement”) with BNSF Dayton LLC (“Purchaser”), pursuant to which Kingsway Seller agreed to sell to the Purchaser certain real property (the “Property”) in Liberty County, Texas that is currently operated as a railyard.

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Source: SEC EDGAR

accession 0001213900-22-082517

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