Kingsway Financial enters $15M term loan and $6M delayed draw facility with CIBC, matures 2029

KINGSWAY FINANCIAL SERVICES INC

New $15M 2024 Term Loan used to repay existing Term Loan, Delayed Draw Term Loan, and Revolving Note.
New $6M 2024 Delayed Draw Term Loan available in up to three advances (min $2M each) until May 24, 2026.
Both loans mature May 24, 2029; 2024 Term Loan requires quarterly principal payments of $562,500.
Financial covenants amended: Fixed Charge Coverage Ratio reduced to 1.20x; Senior Cash Flow Leverage Ratio steps down from 2.75x to 1.75x over time.
Proceeds may be used for parent distributions within 90 days of funding, subject to pro forma compliance.

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