Lincoln National Corporation (LNC) Issues $500 Million in Notes

Lincoln National Corporation (LNC) entered an underwriting agreement on June 24, 2026, to issue $500 million in subordinated notes. The notes, maturing on July 15, 2056, have a fixed interest rate of 6.800%, reset every five years post-2036 based on the 5-year US Treasury yield plus 2.400%. Priced at face value, they were sold at a 1% discount to the underwriting group and are unsecured, ranking below senior debt. LNC plans to use proceeds for general purposes, potentially including redeeming higher-cost preferred stock, adjusting its capital structure.