By Aleesia Forni
Virginia Beach, Va., Aug. 13 - Lincoln National Corp. came to Tuesday's primary market with a $350 million issue of 4% 10-year senior notes (Baa1/A-/BBB+) at a spread of Treasuries plus 138 basis points, according to a FWP filing with the Securities and Exchange Commission.
The notes were sold at 99.19 to yield 4.099%.
BofA Merrill Lynch and Credit Suisse Securities (USA) LLC are the joint bookrunners.
Proceeds will be used to repay the company's 4.75% senior notes maturing on Jan. 30, 2014 and 4.75% senior notes maturing on Feb. 15, 2014.
Prior to repayment, the company will invest the proceeds of the offering in highly rated securities.
The holding company for insurance and retirement subsidiaries is based in Radnor, Pa.
| Issuer: | Lincoln National Corp.
|
| Amount: | $350 million
|
| Net proceeds: | $344.89 million
|
| Description: | Senior notes
|
| Maturity: | Sept. 1, 2023
|
| Joint bookrunners | : | BofA Merrill Lynch, Credit Suisse Securities (USA) LLC
|
| Coupon: | 4%
|
| Price: | 99.19
|
| Yield: | 4.099%
|
| Spread: | Treasuries plus 138 bps
|
| Make-whole call: | At any time at the greater of par and Treasuries plus 20 bps
|
| Trade date: | Aug. 13
|
| Settlement date: | Aug. 16
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: BBB+
|
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