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Kingstone Announces Completion of Debt Refinancing
Outstanding Borrowing Debt Reduced by $10 Million KINGSTON, N.Y.--(BUSINESS WIRE)-- Kingstone Companies, Inc. (Nasdaq:KINS) (the "Company" or "Kingstone"), a
About this update from Kingstone Companies, Inc
[{"type":"text","content":"\nOutstanding Borrowing Debt Reduced by $10 Million\n\n KINGSTON, N.Y.--(BUSINESS WIRE)--\nKingstone Companies, Inc. (Nasdaq:KINS) (the \"Company\" or \"Kingstone\"), a Northeast regional property and casualty insurance holding company, announced today that it has completed the refinancing of its $30.0 million of outstanding 5.50% Senior Notes due on December 30, 2022 (the “2022 Notes”).\n\nPursuant to its previously disclosed Note and Warrant Exchange Agreement, Kingstone issued to the exchanging noteholders new 12.0% Senior Notes due December 30, 2024 in the aggregate principal amount of $19.95 million, along with cash and warrants. Kingstone will fund the amount outstanding on the unexchanged 2022 Notes at maturity.\n\n“We are pleased to have successfully closed this bond exchange, retiring a third of our debt as we embark on this next chapter for Kingstone,” said Barry Goldstein, Kingstone's Chief Executive Officer.\n\n“As we head into 2023, this refinancing strengthens our balance sheet and ensures that Kingstone is well positioned for the future,” said Meryl Golden, Kingstone's Chief Operating Officer. “We appreciate the support from the investment community, especially in the current macro-environment, and remain relentlessly focused on continuing to execute on our strategy for the benefit of our stakeholders.”\n\nPiper Sandler served as the Company’s financial advisor and private placement agent in connection with the debt refinancing transaction.\n\nAbout Kingstone Companies, Inc.\n\nKingstone is a northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company (\"KICO\"). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO offers primarily personal lines insurance products in New York, New Jersey, Rhode Island, Massachusetts, and Connecticut. Kingstone is also licensed in Pennsylvania, New Hampshire, and Maine.\n\nForward-Looking Statements\n\nStatements in this press release may contain \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in c...