Lincoln National enters $2.0B credit facility, extends maturity to Dec 2028

LINCOLN NATIONAL CORP

Second Amended and Restated Credit Agreement provides $2.0B of unsecured letters of credit and loans.
Maturity date extended to December 21, 2028; commitment amount decreased from prior facility.
Financial covenants: minimum consolidated net worth of $8.626B plus 50% of equity proceeds; debt-to-capital ratio ≤ 0.35:1.
Facility fee of 0.15% p.a. and LC fee of 0.975% p.a., adjustable with credit rating changes.
Covenants restrict liens, mergers, and asset sales; customary defaults with grace periods.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LINCOLN NATIONAL CORP amended Second Amended and Restated Credit Agreement with a syndicate of banks, including Bank of America, N.A., as administrative agent valued at $2.0 billion (effective 2023-12-21).

Action: amendment
Agreement: credit facility
Counterparty: a syndicate of banks, including Bank of America, N.A., as administrative agent
Value: $2.0 billion
Effective: 2023-12-21

Exact text from the filing

On December 21, 2023, Lincoln National Corporation (the “Company”) entered into an amended and restated credit agreement with a syndicate of banks, including Bank of America, N.A., as administrative agent, and the other lenders named therein (the “Second Amended and Restated Credit Agreement”).

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Source: SEC EDGAR

accession 0001193125-23-301198

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