Lincoln National Corporation completed a $500 million offering of fixed-to-fixed reset subordinated notes due 2056 in late June. AM Best assigned a 'bbb' Long-Term Issue Credit Rating with a stable outlook to these securities. The proceeds may be used to repurchase or redeem higher-cost preferred stock, reflecting the company's focus on recalibrating its capital structure and reducing long-term financing costs. The transaction is viewed as an incremental step in Lincoln National's broader shift toward a more capital-efficient product mix, with execution on product and capital rebalancing remaining the key catalyst.
Lincoln National CorporationCompleted $500M subordinated notes offering to refinance higher-cost preferred stock, reducing financing costs and improving capital structure.