Lincoln Financial launches cash tender offer for up to USD 500 million of preferred depositary shares

LNC•2026-08-10

Priority and proration terms

Series C has priority in the tender process, with Series D subject to proration if tenders exceed the USD 500 million cap.

Tender offer for Series C and Series D depositary shares

Lincoln National launched cash tender offers to repurchase up to USD 500 million liquidation preference of its Series C and Series D depositary shares.

Offer price for Series C: USD 1,055 per USD 1,000 liquidation preference.
Offer price for Series D: USD 26.3 per USD 25 liquidation preference.
Total consideration includes accrued dividends; hypothetical totals are USD 1,057.31 for Series C and USD 26.36 for Series D if settled Sept. 10, 2026.
The offers expire Sept. 8, 2026.

Lincoln Financial launches cash tender offer for up to USD 500 million of preferred depositary shares

Priority and proration terms

Tender offer for Series C and Series D depositary shares

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