Markel calls $285.4 million zero-coupon LYONs

By Angela McDaniels

Seattle, Nov. 3 - Markel Corp. said it will redeem all of its outstanding zero-coupon Liquid Yield Option Notes (LYONs) due 2031 on Dec. 4 at a redemption price of $356.84 for each $1,000 principal amount at maturity.

Roughly $285.4 million principal amount at maturity of the LYONs were outstanding at Oct. 31, according to a company news release.

The LYONs are convertible into 1.1629 shares of the company' common stock per $1,000 principal amount at maturity of LYONs. If the holders of all outstanding LYONs exercised their conversion rights, Markel said it would issue 332,000 shares of common stock.

The company's common stock (NYSE: MKL) closed at $411.00 per share on Friday.

Conversion rights will expire at the close of business on Dec. 1.

Markel, based in Glen Allen, Va., markets and underwrites specialty insurance products and programs.

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