---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-117400"
form_type: "8-K"
ticker: "LNC"
cik: "0000059558"
company_name: "LINCOLN NATIONAL CORP"
filed_at: "2025-05-12T23:59:59+00:00"
generated_at: "2026-05-22T00:50:28.862029+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-117400
- form_type: 8-K
- ticker: LNC
- cik: 0000059558
- company_name: LINCOLN NATIONAL CORP
- filed_at: 2025-05-12T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/59558/000119312525117400/0001193125-25-117400-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/59558/000119312525117400/d891968d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-117400
- JSON: https://secwatch.observer/filing/0001193125-25-117400.json
- Plain text: https://secwatch.observer/filing/0001193125-25-117400.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.