Lincoln National issues $350M 5.852% Senior Notes due 2034 to refinance maturities

LINCOLN NATIONAL CORP

Aggregate principal $350M at 100% of par, underwriting discount 0.65%; notes bear interest at 5.852%, mature March 15, 2034.
Net proceeds to retire $250M term loan (SOFR+122.5 bps, due 2024) and $300M 3.35% senior notes due 2025, plus other debt.
Make-whole redemption at Treasury Rate +30 bps before Dec 15, 2033; par call thereafter; interest semi-annual on March 15 and Sept 15.
Notes are senior unsecured, rank equally with existing unsecured unsubordinated debt; issued under Senior Indenture with BNY Mellon as trustee.

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