By Andrea Heisinger
Omaha, Aug. 22 - Lincoln National Corp. priced $300 million 5.65% five-year senior notes on Wednesday to yield Treasuries plus 135 bps, according to an informed source.
The notes (A3/A+) had a yield of 5.699% with a price of 99.789. There was no official price talk, the source said.
Bookrunners were J.P. Morgan Securities Inc. and Wachovia Securities.
Proceeds will be used to pay down a portion of the company's commercial paper portfolio maturing between August and September of this year.
Lincoln National is a Philadelphia-based holding company operating insurance and investment management businesses as well as broadcasting and sports programming through subsidiary companies.
| Issuer: | Lincoln National Corp.
|
| Amount: | $300 million
|
| Maturity: | Aug. 27, 2012
|
| Security description: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities Inc., Wachovia Securities
|
| Coupon: | 5.65%
|
| Price: | 99.789
|
| Yield: | 5.699%
|
| Spread: | Treasuries plus 135 bps
|
| Trade date: | Aug. 22
|
| Settlement date: | Aug. 27
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A+
|
| Price talk: | None
|
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