Markel Corp. announced the pricing terms for their previously announced cash tender offer for up to $250 million of its 5.35% senior notes due 2021 and $350 million of subsidiary Alterra Finance LLC's 6.25% senior notes due 2020.
The 5.35% senior notes due 2021 have a consideration of $1,053.60, while the 6.25% senior notes due 2020 have a consideration of $1,038.70. The 6.25% senior notes due 2020 are fully and unconditionally guaranteed by Markel.
The tender offer is scheduled to expire at 5 p.m. ET on Sept. 18, unless extended or terminated earlier. The settlement date is expected to be Sept. 23.
Wells Fargo Securities LLC and Citigroup Global Markets Inc. are the dealer managers. Global Bondholder Services Corp. is the information agent and depositary.
