secwatch.observer — SEC 8-K summary
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Issuer:     LINCOLN NATIONAL CORP (LNC)
CIK:        0000059558
Form:       8-K
Filed at:   2023-12-21T23:59:59+00:00
Accession:  0001193125-23-301198
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/59558/000119312523301198/0001193125-23-301198-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/59558/000119312523301198/d622688d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-301198

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