Lincoln Financial has announced a cash tender offer for several of its outstanding securities. The offer is capped at an aggregate purchase price of up to $375,000,000, including a maximum aggregate principal amount of $220,000,000 for the subordinated securities. The offer includes various series of securities, each with different acceptance priority levels and consideration amounts. The company has also outlined specific terms and conditions for the offer.
For instance, the 4.375% senior notes due 2050 have an aggregate principal amount outstanding of $300,000,000, and the early tender premium is $30 per $1,000 principal amount. Similarly, the 3.050% senior notes due 2030 have an aggregate principal amount outstanding of $500,000,000 and an early tender premium of $30 per $1,000 principal amount.
The company has also detailed the settlement dates for the securities, with the early settlement date expected to be May 29, 2025, and the final settlement date expected to be June 12, 2025.
Furthermore, Lincoln Financial has emphasized its intention to manage its debt cost and debt maturity profile efficiently. The company plans to fund the offer through the sale of eligible assets and potentially available cash or cash generated from its operations.
TD Securities (USA) LLC is serving as the sole structuring advisor and lead dealer manager for the offer, with BofA Securities, Inc. and Morgan Stanley & Co. LLC acting as dealer managers. Global Bondholder Services Corporation is the tender and information agent for the offer.
Today the company's shares have moved -0.06% to a price of $33.35. Check out the company's full 8-K submission here.
