By Andrea Heisinger
New York, March 26 - Lincoln National Corp. priced $300 million of 4.2% 10-year senior notes on Monday at a spread of Treasuries plus 195 basis points, a source away from the deal said.
The notes (Baa2/A-/BBB+) were priced at par to yield 4.2%. There is a make-whole call at Treasuries plus 30 bps.
Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used to repay all or a portion of $300 million 5.65% senior notes maturing on Aug. 27, 2012, 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: | March 15, 2022
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC
|
| Coupon: | 4.2%
|
| Price: | Par
|
| Yield: | 4.2%
|
| Spread: | Treasuries plus 195 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | March 26
|
| Settlement date: | March 29
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
| Fitch: BBB+
|
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