LNC - Lincoln Financial prices $1B depositary share offerings
Lincoln Financial Group ( NYSE: LNC ) shares rose 3% Wednesday morning after the company announced pricing of $1B in aggregate of depositary shares representing interests in preferred stock in two offerings.
The offerings comprise (i) 500,000 depositary shares, each representing a 1/25th interest in a share of its 9.250% Fixed Rate Reset Non-Cumulative Preferred Stock, Series C, $25,000 liquidation preference per share and (ii) 20M depositary shares, each representing a 1/1,000th interest in a share of its 9.000% Non-Cumulative Preferred Stock, Series D, $25,000 liquidation preference per share.
The public offering price is $1,000/depositary share representing the Series C Preferred Stock for expected gross proceeds of $500M and $25/depositary share representing the Series D Preferred Stock for expected gross proceeds of $500M.
A portion of the net proceeds will be used to fund part of the repayment upon maturity of its 4.00% Senior Notes due September 1, 2023, of which $500M principal amount is outstanding. Any remaining proceeds will be used for general corporate purposes.
The offerings are expected to close on November 22, 2022.
Lincoln ( LNC ) intends to have the depositary shares representing the Series D Preferred Stock listed on the NYSE under the symbol "LNC PRD."
For further details see:
Lincoln Financial prices $1B depositary share offerings