Lincoln National plans three-part notes, including add-on to 4% notes

By Devika Patel

Knoxville, Tenn., Feb. 7 – Lincoln National Corp. intends to sell senior notes in three tranches, including an add-on to its 4% senior notes (Baa1/A-/BBB+) due Sept. 1, 2023, according to a 424B5 filing with the Securities and Exchange Commission.

The company sold $350 million of 4% notes in a sale that priced on Aug. 13, 2013 and settled on Aug. 16, 2013. These notes were priced at 99.19 to yield 4.099%, with a spread of 138 basis points over Treasuries.

The new notes, due in 2028 and 2048, are initially callable at the greater of par and a make-whole call and then are callable at par. The 4% notes may be called at any time at the greater of par and Treasuries plus 20 bps.

Goldman Sachs & Co., BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Barclays, Citizens Capital Markets, Deutsche Bank Securities Inc., PNC Capital Markets LLC and U.S. Bancorp Investments Inc. are the bookrunners.

Proceeds will be used for the company’s planned acquisition of Liberty Life Assurance Co. of Boston.

Lincoln National is a holding company for insurance and retirement subsidiaries and is based in Radnor, Pa.

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