Lincoln National issues $500M 2.330% notes due 2030, creates $1B P-Caps facility for 6.792% notes due 2055

LINCOLN NATIONAL CORP

Exercised issuance right to exchange $500M 2.330% Senior Notes due 2030 for Treasury strips held by Trust I; notes distributed to 2030 P-Cap holders on May 20.
Belrose Funding Trust II issued $1B of 2055 P-Caps (CUSIP 08079K AA2) in a private placement; proceeds invested in U.S. Treasury strips.
Company gains right to issue up to $1B of 6.792% Senior Notes due 2055 to Trust II, with 1.888% annual facility fee on unexercised portion.
Mandatory exercise of issuance right if consolidated net worth falls below $2.75B, bankruptcy event, or 1940 Act status trigger.
Trust II will terminate by May 15, 2055, distributing 6.792% Notes to 2055 P-Cap holders if sole assets are those notes.

item 2.03

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