RICHMOND, Va., Sept. 18, 2019 /PRNewswire/ -- Markel Corporation
(NYSE: MKL) ("Markel") announced today the expiration and final
results of the previously announced cash tender offers (the "Tender
Offer") by Markel and its wholly-owned subsidiary, Alterra Finance
LLC ("Alterra"), for any and all of the outstanding aggregate
principal amount, respectively, of (1) Markel's 5.35% Senior Notes
due 2021 (the "Markel Notes") and (2) Alterra's 6.25% Senior Notes
due 2020 (the "Alterra Notes" and, together with the Markel Notes,
the "Notes"). The consideration to be paid for each series of the
Notes was previously announced on September
18, 2019.
The Tender Offer expired at 5:00
p.m., New York City time,
on September 18, 2019 (the
"Expiration Time"). The principal amount of each series of Notes
that was validly tendered and not validly withdrawn in the Tender
Offer as of the Expiration Time according to information provided
by Global Bondholder Services Corporation, the Information Agent
and Tender Agent for the Tender Offer, is set forth in the table
below.
Title of
Security
|
|
CUSIP
Number/
ISIN
|
|
Issuer/
Obligor
|
|
Principal
Amount
Outstanding
|
|
Aggregate
Principal Amount Tendered
|
6.25% Senior
Notes
due
2020(1)
|
|
02153LAA2/
US02153LAA26
|
|
Alterra
|
|
$350,000,000
|
|
$125,311,000(2)
|
5.35% Senior
Notes
due 2021
|
|
570535AJ3/
US570535AJ39
|
|
Markel
|
|
$250,000,000
|
|
$97,760,000
|
|
|
|
|
|
|
|
|
|
(1) The
2020 Notes are fully and unconditionally guaranteed by
Markel.
|
(2)
Including $104,000 tendered subject to guaranteed delivery
procedures.
|
Markel and Alterra expect to accept for purchase all Notes
validly tendered and not validly withdrawn prior to the Expiration
Time, including Notes delivered in accordance with guaranteed
delivery procedures. Settlement for the Notes validly tendered and
not validly withdrawn at or prior to the Expiration Time and
accepted for purchase by Markel and Alterra, as applicable, is
expected to take place on September 23,
2019.
The Tender Offer was made pursuant to the Offer to Purchase
dated September 12, 2019, and a
related Letter of Transmittal and Notice of Guaranteed
Delivery.
Wells Fargo Securities, LLC and Citigroup Global Markets Inc.
acted as the Dealer Managers for the Tender Offer. Global
Bondholder Services Corporation acted as the Information Agent and
Depositary for the Tender Offer.
This release shall not constitute an offer to sell, a
solicitation to buy or an offer to purchase or sell any
securities.
About Markel Corporation
Markel Corporation is a diverse financial holding company
serving a variety of niche markets. The Company's principal
business markets and underwrites specialty insurance products.
In each of the Company's businesses, it seeks to provide
quality products and excellent customer service so that it can be a
market leader. The financial goals of the Company are to earn
consistent underwriting and operating profits and superior
investment returns to build shareholder value. Visit Markel
Corporation on the web at www.markel.com.
Note on Forward-Looking Statements
Certain statements in this release, including those describing
the settlement of the Tender Offer, constitute forward-looking
statements. These statements are not historical facts but
instead represent only Markel's belief regarding future events,
many of which, by their nature, are inherently uncertain and
outside Markel's control. It is possible that actual results
will differ, possibly materially, from the anticipated results
indicated in these statements. Factors that could cause
actual results to differ, possibly materially, from those in the
forward-looking statements are discussed in the Offer to Purchase
and throughout Markel's periodic filings with the Securities and
Exchange Commission pursuant to the Securities Exchange Act of
1934, including its Annual Report on Form 10-K for the year ended
December 31, 2018 and Quarterly
Report on Form 10-Q for the quarter ended June 30, 2019.
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SOURCE Markel Corporation