Lincoln National Corporation Completes $350 Million Fixed-Spread Cash Tender Offers and $400 Million Senior Notes Offering

December 20, 2016

Lincoln National Corporation (LNC) completed fixed-spread cash tender offers for up to $200 million aggregate principal amount of its 8.75% senior notes due 2019 and $150,000,000 aggregate principal amount of its 6.15% senior notes due 2036. The offers launched on December 5, 2016, and provided for an early tender premium for holders who tendered by December 16, 2016. The offers, which provided for early settlement, were oversubscribed. The offers were subject to a financing condition, which was satisfied by the issuance of $400 million aggregate principal amount of LNC's 3.625% senior notes due 2026 in an SEC-registered offering completed on December 12, 2016. S&C represented Wells Fargo Securities, BofA Merrill Lynch and Citigroup as dealer managers for the tender offers and represented Wells Fargo Securities, Goldman, Sachs & Co., J.P. Morgan and BNP Paribas as underwriters of the senior notes offering.
 
Lincoln is one of the nation's largest providers of annuities, life insurance and other comprehensive financial planning and advisory services. It also operates investment management businesses.
 
The S&C team consisted of Marion Leydier, Richard Kahn, Brian Wessel, Adam Harris and Camilla Johnson. Jeffrey Hochberg, Eric Wang and Saul Brander advised on tax matters.