By Andrea Heisinger
New York, June 17 - Lincoln National Corp. sold $500 million 8.75% 10-year senior notes Wednesday to yield Treasuries plus 525 basis points, an informed source said.
The notes (Baa2/A-/BBB) priced at 99.033 to yield 8.897% with a make-whole call at Treasuries plus 50 bps.
Bookrunners were Banc of America Securities LLC, J.P. Morgan Securities Inc. and Citigroup Global Markets Inc.
Proceeds will be used for general corporate purposes, including contributions of capital to insurance and other subsidiaries and for short-term debt.
The sale was done concurrently with a $600 million sale of common shares.
The holding company for insurance and investment businesses is based in Philadelphia.
| Issuer: | Lincoln National Corp.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | July 1, 2019
|
| Bookrunners: | Banc of America Securities LLC, J.P. Morgan Securities Inc., Citigroup Global Markets Inc.
|
| Coupon: | 8.75%
|
| Price: | 99.033
|
| Yield: | 8.897%
|
| Spread: | Treasuries plus 525 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | June 17
|
| Settlement date: | June 22
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
| Fitch: BBB
|
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