Lincoln National launches $375M cash tender offer for eight debt series; replaces P-Caps

LINCOLN NATIONAL CORP

Tender offer for eight series of securities, capped at $375M aggregate, $220M sub-cap for subordinated securities.
Early tender deadline May 23, 2025; expiration June 10, 2025; settlement expected May 29 for early tenders.
Company to issue $500M of 2.330% Senior Notes due 2030 to Trust I for U.S. Treasury strips to fund offer.
New Pre-Capitalized Trust Securities (New P-Caps) due 2055 issued via Belrose Funding Trust II to extend contingent capital.
Tender offer conditioned on settlement of New P-Caps and receipt of proceeds from Eligible Assets sale.

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