secwatch.observer — SEC 8-K summary
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Issuer:     LINCOLN NATIONAL CORP (LNC)
CIK:        0000059558
Form:       8-K
Filed at:   2025-05-20T23:59:59+00:00
Accession:  0001193125-25-123151
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.03
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/59558/000119312525123151/0001193125-25-123151-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/59558/000119312525123151/d14347d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-123151

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