---
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"
generated_at: "2026-05-21T00:43:46.182315+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.03
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-123151
- JSON: https://secwatch.observer/filing/0001193125-25-123151.json
- Plain text: https://secwatch.observer/filing/0001193125-25-123151.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/59558/000119312525123151/0001193125-25-123151-index.htm

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