Lincoln National issues $500M of 5.350% Senior Notes due 2035

LINCOLN NATIONAL CORP

$500M aggregate principal, 5.350% interest, semi-annual payments, matures Nov 15, 2035
Priced at 99.922% of par with 0.65% underwriting discount; issued Nov 10, 2025
Net proceeds partly to repay $400M of 3.625% Senior Notes due 2026; remainder for general corporate
Notes are senior unsecured obligations, ranking equally with existing unsecured unsubordinated debt
Underwriters include Goldman Sachs, BofA Securities, HSBC, PNC Capital Markets, Wells Fargo

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