Lincoln National Corp. has filed a prospectus supplement for the issuance of an unspecified amount of senior notes.
The company intends to use the net proceeds to purchase the tendered notes accepted for payment in a tender offer and for the repayment or redemption of its 6.250% senior notes due 2020, $300 million of which is outstanding.
Lincoln National commenced a tender offer for up to $150 million of its 6.15% senior notes due 2036 and 4.85% senior notes due 2021. The company will not purchase more than $50 million of the 2021 notes. The tender offer is scheduled to expire Sept. 9.
The remaining proceeds from the issuance will be used for general corporate purposes.
J.P. Morgan, Wells Fargo Securities, BNP Paribas, HSBC and Bank of America Merrill Lynch are the joint book-running managers for the issuance.
