TORONTO, Dec. 19, 2017 (GLOBE NEWSWIRE) -- Crosswinds Holdings Inc. (“Crosswinds” or the “Company” (TSX:CWI)) previously announced that its majority owned subsidiary, Crosswinds Investor Monarch LP (“CIML”), entered into an agreement (the “Agreement”) to sell all of its interests in Monarch Delaware Holdings LLC (“Monarch”) to its joint venture partner, Federated National Holding Company (“Federated National” or the “Purchaser”) (the “Proposed Transaction”).
The Proposed Transaction is subject to the Purchaser obtaining the required financing to purchase Crosswinds’ interests in Monarch.
Federated National has provided an update that it has executed a note purchase agreement and related indentures to raise USD$25 million through an offering of senior notes to private investors. The proceeds of the offering will be used, among other things, for the Proposed Transaction. Federated National has disclosed that the financing is subject to customary closing conditions and is expected to close by December 31, 2017.
The Proposed Transaction remains subject to receipt of regulatory approval from the Florida Office of Insurance Regulation, completion of certain transaction documents and other customary closing conditions for a transaction of this nature. Subject to the satisfaction of closing conditions, it is expected that the Proposed Transaction will close early in 2018.
Crosswinds Holdings Inc.
Crosswinds is a publicly traded private equity firm and asset manager targeting strategic and opportunistic investments in the financial services sector with a particular focus on the insurance industry.
More information
Colin King
Tel: 1-800-439-5136
info@crosswindsinc.com
www.crosswindsinc.com
Caution Regarding Forward-Looking Information
This release includes certain forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans” or “continue” or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These forward-looking statements are subject to a number of risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. Reference should be made to the risk factors in the Company’s 2016 Annual Information Form, in the Management’s Discussion and Analysis for the year ended December 31, 2016 and in our other filings with Canadian securities regulators. Additional important factors that could cause actual results to differ materially from expectations include, among other things, the Purchaser not closing the contemplated financing, regulatory approval not being granted, general economic and market factors.