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RICHMOND, Va., Nov. 3 /PRNewswire-FirstCall/ -- Markel Corporation (NYSE: MKL) announced today that it has issued a notice of redemption of all its outstanding Liquid Yield Option(TM) Notes due 2031 (Zero Coupon-Senior) ("LYONs"). The LYONs will be redeemed on December 4, 2006 at a redemption price of $356.84 for each $1,000 principal amount at maturity. As of October 31, 2006, approximately $285.4 million principal amount at maturity of the LYONs was outstanding. Original issue discount and interest (including contingent interest, if any) on the LYONs will cease to accrue on and after the redemption date.
The LYONs are convertible at the option of the holder into the Company's common stock at a rate of 1.1629 shares of common stock per $1,000 principal amount at maturity of LYONs surrendered for conversion. The Company will pay cash in lieu of fractional shares upon conversion of the LYONs into common stock. If the holders of all outstanding LYONs exercised their conversion rights, the Company would issue approximately 332,000 shares of common stock.
Conversion rights will expire at the close of business at the Corporate Trust Office of the Conversion Agent, Bank of New York Trust Company, N.A., in New York City on December 1, 2006. After that time, holders of LYONs that are not converted will only be entitled to receive the cash redemption price.
The closing price of Markel common stock on the New York Stock Exchange on November 2, 2006 was $407.60 per share.
Markel Corporation markets and underwrites specialty insurance products and programs for 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.
Visit Markel Corporation on the web at http://www.markelcorp.com.
SOURCE: Markel Corporation
CONTACT: Bruce A. Kay of Markel Corporation, +1-804-965-1720