RICHMOND, Va., Feb 20, 2003 /PRNewswire-FirstCall via COMTEX/ -- Markel
Corporation (NYSE: MKL) announced today it has completed a public offering of
$200 million aggregate principal amount of 6.80% senior notes due 2013. The net
proceeds of the offering will be used to repay $175 million of indebtedness
outstanding under the Company's revolving credit facility and the remaining
proceeds will be used for general corporate purposes. Merrill Lynch & Co. is the
sole book runner and manager of the offering which is expected to close on
February 25, 2003. A written prospectus relating to the offering may be obtained
by contacting the Merrill Lynch prospectus department at 4 World Financial
Center, New York, New York.
A shelf registration statement relating to these securities has been filed with
the Securities and Exchange Commission and has become effective. This
announcement is not an offer to sell or a solicitation of an offer to buy the
senior notes, nor will there be any offering or sale of the senior notes in any
state where such offering or sale would be unlawful.
Markel Corporation markets and underwrites specialty insurance products and
programs to a variety of niche markets. In each of these markets, the Company
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 profits and superior investment returns to build shareholder value.
SOURCE Markel Corporation
CONTACT: Bruce A. Kay of Markel Corporation, +1-804-747-0136
Copyright (C) 2003 PR Newswire. All rights reserved.