Lincoln National issues $500M 6.800% subordinated notes due 2056; may redeem preferred stock

LINCOLN NATIONAL CORP

$500M aggregate principal of 6.800% Fixed-to-Fixed Reset Rate Subordinated Notes due 2056 issued June 29, 2026.
Notes bear 6.800% interest until July 2036, then reset to 5yr Treasury plus 2.400%.
Proceeds for general corporate purposes; may include repurchase/redemption of Series C and Series D preferred stock.
Notes are unsecured subordinated obligations; rank senior to certain capital securities, junior to senior debt.
Interest deferral allowed up to 5 years; redemption options at par or make-whole, and upon tax/rating/regulatory events.

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