{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-123151","form_type":"8-K","ticker":"LNC","cik":"0000059558","company_name":"LINCOLN NATIONAL CORP","filed_at":"2025-05-20T23:59:59+00:00","discovered_at":"2026-05-14T18:02:51.024511+00:00","generated_at":"2026-05-21T00:43:46.182315+00:00","sec_items":["2.03"],"event_type":"debt","sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Lincoln National issues $500M 2.330% notes due 2030, creates $1B P-Caps facility for 6.792% notes due 2055","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-123151","json":"https://secwatch.observer/filing/0001193125-25-123151.json","markdown":"https://secwatch.observer/filing/0001193125-25-123151.md","text":"https://secwatch.observer/filing/0001193125-25-123151.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/59558/000119312525123151/0001193125-25-123151-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/59558/000119312525123151/d14347d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-21T00:43:46.182315+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"06ab3699488e29847405d567d9ac5c1376a9b4a7","claim":"LINCOLN NATIONAL CORP incurred senior notes of $500,000,000 aggregate principal amount with Belrose Funding Trust at 2.330% maturing 2030.","evidence_excerpt":"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\").","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/59558/000119312525123151/0001193125-25-123151-index.htm","confidence":0.95,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$500,000,000 aggregate principal amount"},{"label":"Counterparty","value":"Belrose Funding Trust"},{"label":"Rate","value":"2.330%"},{"label":"Maturity","value":"2030"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}