Lincoln National upsizes tender offer to $420M; accepts $812.8M in tenders

LINCOLN NATIONAL CORP

Increased aggregate offer cap from $375M to $420M; $812.8M aggregate principal tendered as of early deadline.
Pricing: 2050 notes at $770.25/$1,000 (4.992% ref yield +120bps), 2048 notes at $773.67 (5.022% +120bps).
Fixed price for Subordinated Securities: $820–$842.50 per $1,000; proration for 2066 Sub Notes at 68.80% and 2030 Notes at 18.82%.
No acceptance of tenders after early deadline; settlement expected May 29, 2025.
Financing condition met via $1B Belrose Funding Trust issuance and $500M senior notes sale.

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