Markel and Alterra price tender offer for 5.35%, 6.25% senior notes

By Wendy Van Sickle

Columbus, Ohio, Sept. 18 – Markel Corp. and its wholly owned subsidiary Alterra Finance LLC priced the tender offers for any and all of two series of notes, according to a company notice.

For each $1,000 principal amount of Markel’s $250 million 5.35% senior notes due 2022, the consideration is $1,053.60.

For each $1,000 principal amount of Alterra’s $350 million 6.25% senior notes due 2020, the consideration is $1,038.70.

Pricing was set using a reference Treasury. For the 5.35% notes from Markel, the formula was 35 basis points over the 2.125% Treasury due May 31, 2021.

And, for Alterra’s 6.25% notes, the formula was 50 bps over the 2.75% Treasury due Sept. 30, 2020. The calculation occurred at 2 p.m. ET on Sept. 18.

The tender offer will expire at 5 p.m. ET on Sept. 18 and settle on Sept. 23.

The offer was announced on Sept. 12.

The tender offer is conditional upon financing.

Wells Fargo Securities, LLC (866 309-6316 or 704 410-4756) and Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) are the dealer managers.

Global Bondholder Services Corp. is the information agent (212 430-3774, 866 924-2200 or contact@gbsc-usa.com).

Markel is a Richmond, Va., provider of specialty insurance products.

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