Lincoln National Corp. entered into a credit agreement in which it secured a facility that allows for the issuance of letters of credit and borrowing of up to $2.25 billion.
The credit facility is unsecured and has a commitment termination date of July 31, 2024.
Proceeds of each loan under the credit agreement will be used for general corporate purposes.
The company will pay a fee of 0.875% per annum on issued syndicated letters of credit and a facility fee of 0.125% per annum on the aggregate commitment. The fees will adjust automatically when there is a change in the company's credit ratings.
The credit agreement was entered with a syndicate of banks, including Bank of America NA. Effective July 31, the credit facility replaced a credit agreement dated June 30, 2016.