By Cristal Cody
Tupelo, Miss., Aug. 11 – Lincoln National Corp. affiliate Belrose Funding Trust priced $500 million of 2.33% 10-year precapitalized trust securities (Baa1/A-/BBB+) on Tuesday at a Treasuries plus 168 basis points spread, according to a market source.
Initial guidance was in the 205 bps over Treasuries area.
BofA Securities, Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC were the bookrunners.
Lincoln National is a Radnor, Pa.-based holding company for insurance and retirement subsidiaries.
| Issuer: | Belrose Funding Trust
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| Amount: | $500 million
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| Description: | Precapitalized trust securities
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| Maturity: | Aug. 15, 2030
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| Bookrunners: | BofA Securities, Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC
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| Coupon: | 2.33%
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| Spread: | Treasuries plus 168 bps
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| Trade date: | Aug. 11
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| Ratings: | Moody’s: Baa1
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| S&P: A-
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| Fitch: BBB+
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 205 bps area
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