By Andrea Heisinger
New York, Sept. 17 - Markel Corp. sold an upsized $350 million of 7.125% 10-year senior notes Thursday to yield Treasuries plus 375 basis points, an informed source said.
The size was initially $250 million, a source close to the sale said.
The notes (Baa2/BBB/) priced at 99.842 to yield 7.147%. They have a make-whole call at Treasuries plus 50 bps.
Joint bookrunners were Barclays Capital Inc. and Wells Fargo Securities. Joint lead managers were Bank of America Merrill Lynch and Citigroup Global Markets Inc.
Co-managers were BB&T Capital Markets and U.S. Bancorp Investments.
Proceeds will be used for general corporate purposes, including acquisitions.
The specialty insurance company is based in Glen Allen, Va.
| Issuer: | Markel Corp.
|
| Issue: | Senior notes
|
| Amount: | $350 million, increased from $250 million
|
| Maturity: | Sept. 30, 2019
|
| Bookrunners: | Barclays Capital Inc., Wells Fargo Securities
|
| Joint lead managers: | Bank of America Merrill Lynch, Citigroup Global Markets Inc.
|
| Co-managers: | BB&T Capital Markets, U.S. Bancorp Investments
|
| Coupon: | 7.125%
|
| Price: | 99.842
|
| Yield: | 7.147%
|
| Spread: | Treasuries plus 375 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Sept. 17
|
| Settlement date: | Sept. 22
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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