Lincoln National closes $1B preferred stock offering of Series C (9.25%) and Series D (9.00%) depositary shares

LINCOLN NATIONAL CORP

Issued 500,000 Series C depositary shares (9.25% fixed rate reset) and 20M Series D depositary shares (9.00% non-cumulative), totaling $1B liquidation preference.
Common dividends and share repurchases restricted if preferred dividends not declared for the prior dividend period.
Articles of amendment filed Nov 18, 2022 to establish Series C and Series D preferred stock terms; offering closed Nov 22, 2022.
Offering made under existing shelf registration statement (Form S-3); proceeds not specified in filing.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

LINCOLN NATIONAL CORP: Established the preferences, limitations and relative rights of the Series C Preferred Stock and Series D Preferred Stock via Articles of Amendment (effective 2022-11-18).

Change: charter amendment
Effective: 2022-11-18

Exact text from the filing

On November 18, 2022, we filed Articles of Amendment with the Secretary of State of the State of Indiana to establish the preferences, limitations and relative rights of the Series C Preferred Stock and Series D Preferred Stock.

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27 governance changes filed in the last 30 days. Browse all governance changes →

LINCOLN NATIONAL CORP filing history →

Source: SEC EDGAR

accession 0001193125-22-291112

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