---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-127609"
form_type: "8-K"
ticker: "LNC"
cik: "0000059558"
company_name: "LINCOLN NATIONAL CORP"
filed_at: "2025-05-27T23:59:59+00:00"
generated_at: "2026-05-20T12:02:23.195490+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-127609
- form_type: 8-K
- ticker: LNC
- cik: 0000059558
- company_name: LINCOLN NATIONAL CORP
- filed_at: 2025-05-27T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/59558/000119312525127609/0001193125-25-127609-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/59558/000119312525127609/d909988d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-127609
- JSON: https://secwatch.observer/filing/0001193125-25-127609.json
- Plain text: https://secwatch.observer/filing/0001193125-25-127609.txt

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