Lincoln National (LNC) said Monday it launched a cash tender offer for eight series of its outstanding debt securities, including senior notes and subordinated securities maturing between 2030 and 2067.
The offer has an aggregate purchase cap of $375 million, with a sub-limit of $220 million for subordinated securities, the company said.
Lincoln intends to fund the offer with proceeds from the sale of US Treasury strips it expects to receive in exchange for issuing $500 million of 2.330% senior notes due 2030 to Belrose Funding Trust I under a pre-capitalized trust structure.
The company also plans to replace its original contingent capital facility by supporting the potential issuance of a new series of trust securities by Belrose Funding Trust II, redeemable in 2055.
The offer is set to expire June 10, unless extended or terminated earlier. Early tendered securities are expected to settle on May 29, Lincoln National said.
The company's shares were up 4.5% in recent trading.
Price: 34.84, Change: +1.49, Percent Change: +4.45
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