Markel Corp.on April 12 announced the pricing terms of its cash tender offer for up to $250 million combined aggregate principalamount of its 7.350% senior notes due 2034 and its 7.125% senior notes due 2019.
In accordance with the terms of the tender offer, the withdrawaldeadline was 5 p.m. ET on April 11. As a result, tendered notes may no longer bewithdrawn, except in certain limited circumstances in which additional withdrawalrights are required by law.
Markel said the 7.35% senior notes due 2034 have a total considerationof $1,353.82 and a reference yield of 2.596%, and the 7.125% senior notes due 2019have a total consideration of $1,162.58 and a reference yield of 0.872%.
The total consideration for each series of notes is based onthe applicable reference yield plus a fixed spread, and is payable to holders ofthe notes who validly tendered and did not validly withdraw their notes on or before5 p.m. ET on April 11 and whose notes are accepted for purchase by Markel. The referenceyields were determined at 2 p.m. ET on April 12 by the joint lead dealer managersfor the tender offer, Citigroup Global Markets Inc. and Wells Fargo Securities LLC.