Kingstone refinances with some noteholders for two-year extension

Chicago, Dec. 12 – Kingstone Cos. Inc. worked with some of its noteholders on debt that is coming due at the end of the month, according to a press release.

The company negotiated with holders of approximately $21.55 million of its $30 million outstanding 5.5% notes due Dec. 30.

Kingstone will issue to the exchanging noteholders $19.95 million of 12% senior notes due Dec. 30, 2024, with $1.6 million of cash and three-year warrants for the purchase of approximately 970,000 shares of common stock of the company.

The exchange is expected to close on Dec. 15.

The remaining notes will be funded on their maturity date.

The Kingston, N.Y., company provides property and casualty insurance products to small businesses and individuals.

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