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Markel announces early results of cash tender offer

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Markel announces early results of cash tender offer

Markel Corp.on April 12 announced early results of its previously announced for up to $250 millioncombined aggregate principal amount of its 7.350% senior notes due 2034 and 7.125%senior notes due 2019.

Pursuant to the offer, approximately $176.8 million in combinedaggregate principal amount of the notes was validly tendered and not validly withdrawnat or prior to 5 p.m. ET on April 11, the early tender date for the offer.

Markel expects that it will accept for purchase all of the notesvalidly tendered and not validly withdrawn at or prior to the early tender date.The early settlement date for the notes accepted for purchase by Markel in connectionwith the early tender date is expected to be April 13.

Holders of notes who validly tendered and did not validly withdrawon or prior to the early tender date are eligible to receive the total consideration,which includes an early tender premium of $30 per $1,000 principal amount of notestendered and accepted for purchase.

The tender offer is scheduled to expire at midnight ET on April25. Holders who have not already tendered their notes may continue to do so at anytime prior to the expiration date, but to the extent those notes are validly tenderedand accepted for purchase, the holders will be entitled to receive only the tenderconsideration, which is equal to the total consideration less the early tender premium.

The final settlement date for all notes tendered following theearly tender date but on or prior to the expiration date and accepted for purchaseis expected to be April 26.

In addition to the tender offer consideration or the total consideration,as applicable, all holders of notes accepted for purchase will also receive accruedand unpaid interest, rounded to the nearest cent, on such $1,000 principal amountof notes from the last applicable interest payment date up to, but not including,the applicable settlement date.

On April 5, Markel completed an underwritten of senior unsecured notesin an aggregate principal amount sufficient to satisfy the financing condition describedin the offer to purchase.  The tender offerremains subject to certain other conditions.

Markel retained Citigroup Global Markets Inc. and Wells FargoSecurities LLC as the joint lead dealer managers. Global Bondholder Services Corp.is the information agent and depositary.