Kingsway repurchases $74.6M trust preferred debt and $21M deferred interest; only $0.9M left

KINGSWAY FINANCIAL SERVICES INC

Repurchased $74.6M principal and $21M deferred interest at 60.8 cents on dollar for >20% IRR.
Remaining $0.9M principal and $0.2M deferred interest expected to close in coming days.
Pro forma total debt post-repurchase: $45.7M (bank loans $34.3M, sub debt $11.4M), down from ~$300M.
Operating income grew to $13.4M in 2022 vs $4.2M in 2018; adjusted EBITDA from ops increased 36% CAGR to $13.5M.

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