Markel Corp. is offering $300 million of its 3.350% senior notes due Sept. 17, 2029, and $500 million of its 4.150% senior notes due Sept. 17, 2050.
Interest will be paid March 17 and Sept. 17 of each year, starting March 17, 2020.
The company anticipates net proceeds of about $792.0 million from the offering, after deducting the underwriting discount but before expenses. A portion of the net proceeds will be used to fund the purchase of the existing notes pursuant to previously announced tender offers. If the tender offers are not completed, or if Markel purchases less than all of the existing notes in the tender offers, the net proceeds will be used to fund the redemption of any existing notes that remain outstanding after the tender offers. The remainder of the net proceeds will be utilized for general corporate purposes.
Wells Fargo Securities, Citigroup, J.P. Morgan and Barclays serve as joint book-running managers. The co-managers are Bank of America Merrill Lynch, BB&T Capital Markets, BNY Mellon Capital Markets LLC, Capital One Securities, SunTrust Robinson Humphrey and The Williams Capital Group LP.
