LINCOLN NATIONAL CORP (LNC): debt financing — 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.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

LINCOLN NATIONAL CORP incurred senior notes of $500,000,000 aggregate principal amount with Belrose Funding Trust at 2.330% maturing 2030.

Instrument: senior notes
Principal: $500,000,000 aggregate principal amount
Counterparty: Belrose Funding Trust
Rate: 2.330%
Maturity: 2030
Event: incurrence

Exact text from the filing

On May 15, 2025, the Company issued $500,000,000 aggregate principal amount of its 2.330% Senior Notes due 2030 (CUSIP No. 534187 BM0) (the "2.330% Notes due 2030") to Trust I in exchange for the principal and interest strips of U.S. Treasury securities held by Trust I (the "Trust I Eligible Assets").

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Source: SEC EDGAR

accession 0001193125-25-123151

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