By Cristal Cody
Eureka Springs, Ark., Dec. 5 – Lincoln National Corp. sold $400 million of 3.625% 10-year senior notes with a spread of 125 basis points over Treasuries on Monday, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/A-/BBB+) priced at 99.882 to yield 3.64%.
Wells Fargo Securities LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC and BNP Paribas Securities Corp. were the bookrunners.
Proceeds will be used for the company’s planned tender offers for up to $175 million of 8.75% senior notes due July 1, 2019 and up to $150 million of 6.15% senior notes due April 7, 2036 and for general corporate purposes.
Lincoln National is a holding company for insurance and retirement subsidiaries and is based in Radnor, Pa.
| Issuer: | Lincoln National Corp.
|
| Amount: | $400 million
|
| Description: | Senior notes
|
| Maturity: | Dec. 12, 2026
|
| Bookrunners: | Wells Fargo Securities LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC, BNP Paribas Securities Corp.
|
| Coupon: | 3.625%
|
| Price: | 99.882
|
| Yield: | 3.64%
|
| Spread: | Treasuries plus 125 bps
|
| Call features: | Make-whole call before Sept. 12, 2026 at greater of par and Treasuries plus 20 bps; thereafter at par
|
| Trade date: | Dec. 5
|
| Settlement date: | Dec. 12
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
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