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Markel commences tender offer for senior notes

MarkelCorp. said March 29 that it commenced a tender offer to purchasefor cash up to $250 million combined aggregate principal amount of its 7.350% seniornotes due 2034 and its 7.125% senior notes due 2019.

For the 2034 notes, the principal amount outstanding is $200million and the early tender premium per $1,000 is $30. For the 2019 notes, theprincipal amount outstanding is about $343.6 million and the early tenderpremium per $1,000 is $30.

The tender offer will expire at midnight ET on April 25, unlessextended or earlier terminated. Tenders of notes may be withdrawn at any timeat or prior to 5 p.m. ET on April 11, but may not be withdrawn thereafterexcept in certain limited circumstances where additional withdrawal rights arerequired by law.

Holders of notes that are validly tendered and not withdrawnat or prior to the early tender date and accepted for purchase will receive theapplicable total consideration, which includes an early tender premium of $30per $1,000 principal amount of such notes. Holders of notes who validly tendertheir notes following the early tender date and on or prior to the expirationdate will only receive the applicable tender offer consideration per $1,000principal amount of such notes, which is equal to the applicable totalconsideration minus the early tender premium.

The total consideration will be determined at 2 p.m. ET onApril 12, unless extended by Markel.

Payments for notes purchased will include accrued and unpaidinterest from and including the last interest payment date applicable to therelevant series of notes up to, but not including, the applicable settlementdate for such notes. The settlement date for notes that are validly tendered onor prior to the early tender date is expected to be April 13. The settlementdate for the notes that are tendered following the early tender date but on orprior to the expiration date is expected to be April 26, assuming the maximumtender amount is not purchased on the early settlement date.

Markel has retained Citigroup Global Markets Inc. and WellsFargo Securities LLC as the joint lead dealer managers. Global BondholderServices Corp. is the information agent and depositary for the offer.