By Marisa Wong
Los Angeles, Feb. 23 – Lincoln National Corp. priced $300 million of 3.4% senior notes due 2032 (Baa1/A-/BBB+) on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.815 to yield 3.422%, or a spread of 145 basis points over Treasuries.
Wells Fargo Securities, LLC, BNP Paribas Securities Corp. and Goldman Sachs & Co. LLC are the joint bookrunners.
According to a previous 424B5 filing with the SEC, proceeds will be used for general corporate purposes, which may include the repayment of debt either early or at maturity. As of Dec. 31, the company’s consolidated debt was about $6.6 billion.
Lincoln National is a Radnor, Pa. holding company for insurance and retirement subsidiaries.
| Issuer: | Lincoln National Corp.
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| Amount: | $300 million
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| Issue: | Senior notes
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| Maturity: | March 1, 2032
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| Bookrunners: | Wells Fargo Securities, LLC, BNP Paribas Securities Corp. and Goldman Sachs & Co. LLC
|
| Co-manager: | Siebert Williams Shank & Co., LLC
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | In-house counsel and Wachtell, Lipton, Rosen & Katz
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| Coupon: | 3.4%
|
| Price: | 99.815
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| Yield: | 3.422%
|
| Spread: | Treasuries plus 145 bps
|
| Call options: | Make-whole call at Treasuries plus 25 bps until Dec. 1, 2031; par call after that
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| Pricing date: | Feb. 23
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| Settlement date: | March 1
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: BBB+
|
| Distribution: | SEC registered
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| Cusip: | 534187BQ1
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