New Issue: Lincoln National prices $500 million 3.05% notes due 2030 at 142 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Aug. 12 – Lincoln National Corp. priced $500 million of 3.05% senior notes due Jan. 15, 2030 on Monday at a spread of 142 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes (Baa1/A-/BBB+) priced at 99.896 to yield 3.062%.

J.P. Morgan Securities, LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., HSBC Securities (USA) Inc. and BofA Securities, Inc. were the bookrunners.

Proceeds will be used to fund a tender offer for outstanding notes and for general corporate purposes.

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

Issuer:	Lincoln National Corp.
Amount:	$500 million
Description:	Senior notes
Maturity:	Jan. 15, 2030
Bookrunners:	J.P. Morgan Securities, LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., HSBC Securities (USA) Inc. and BofA Securities, Inc.
Coupon:	3.05%
Price:	99.896
Yield:	3.062%
Spread:	Treasuries plus 142 bps
Call features:	Make-whole call before Oct. 15, 2029 at greater of par and Treasuries plus 25 bps; thereafter at par
Trade date:	Aug. 12
Settlement date:	Aug. 19
Ratings:	Moody’s: Baa1
	S&P: A-
	Fitch: BBB+
Distribution:	SEC registered

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