By Andrea Heisinger
New York, June 21 - Lincoln National Corp. priced $300 million of 4.85% 10-year senior notes on Tuesday to yield Treasuries plus 190 basis points, a source who worked on the trade said.
The notes (Baa2/A-/BBB+) were priced at 99.867 to yield 4.867%. They have a make-whole call at Treasuries plus 30 bps.
Bookrunners were Goldman Sachs & Co. and UBS Securities LLC.
Sandler O'Neill & Partners LP, Raymond James & Associates and Williams Capital Group LP were the co-managers.
Proceeds are being used to redeem $275 million of 6.75% capital securities due in 2066 with any remainder used for general corporate purposes.
The holding company for insurance and retirement subsidiaries is based in Radnor, Pa.
| Issuer: | Lincoln National Corp.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | June 24, 2021
|
| Bookrunners: | Goldman Sachs & Co., UBS Securities LLC
|
| Co-managers: | Sandler O'Neill & Partners LP, Raymond James & Associates, Williams Capital Group LP
|
| Coupon: | 4.85%
|
| Price: | 99.867
|
| Yield: | 4.867%
|
| Spread: | Treasuries plus 190 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | June 21
|
| Settlement date: | June 24
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
| Fitch: BBB+
|
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