Lincoln National Corporation, trading as Lincoln Financial $(LNC)$, announced the early results and upsizing of its cash tender offer for certain outstanding securities. As of May 23, 2025, $812.8 million in aggregate principal amount of the securities had been validly tendered. This includes $264.4 million in the Subordinated Securities. The tender offer involves various senior and subordinated notes due between 2030 and 2067. The financing condition was met following the settlement of Belrose Funding Trust II's issuance of $1 billion in Pre-Capitalized Trust Securities and the sale of $500 million in senior notes due 2030. TD Securities is the sole structuring advisor, with BofA Securities, Morgan Stanley, Citigroup, PNC Capital Markets, and Wells Fargo serving as dealer managers.
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