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Lincoln Financial increases cap on tender offer

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Lincoln Financial increases cap on tender offer

Lincoln Financial Group has increased the tender cap for a cash tender offer of its 8.75% senior notes due 2019 to $200 million from $175 million.

The upsizing of the cash tender relates to two tender offers made on Dec. 5. The second offering was for up to $150 million aggregate principal amount of 6.15% senior notes due 2036. Approximately $450 million in aggregate principal amount of notes was validly tendered and not withdrawn on or prior to the 5 p.m. ET early tender deadline on Dec. 16. The offers are set to expire on Jan. 3, 2017, at 11:59 p.m. ET.

Wells Fargo Securities, LLC, Bank of America Merrill Lynch and Citigroup Global Markets Inc. are acting as the dealer managers for the offers.

Lincoln Financial Group is the marketing name used by Lincoln National Corp. and its affiliates.