subordinated notes News & Analysis
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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.
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Aviva (AV) to Redeem £200 Million Subordinated Notes on June 19
Aviva (AV) announced plans to redeem £200 million of its subordinated notes on June 19. This redemption involves specific financial obligations, potentially impacting the company's capital structure. The move is significant as it reflects Aviva's financial management strategy amidst changing market conditions. Market participants will be watching the effects this redemption may have on Aviva's liquidity and overall valuation.
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