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Lincoln Financial Group Announces the Early Tender Results of Its Cash Tender Offer for Certain Outstanding Debt Securities

Nachrichtenquelle: Business Wire (engl.)
24.08.2019, 01:00  |  587   |   |   

Lincoln Financial Group (NYSE: LNC) (the “Company”) today announced that, pursuant to its previously announced cash tender offer (the “Offer”) for its 6.15% Senior Notes due 2036 (the “6.15% Notes”) and its 4.85% Senior Notes due 2021 (the “4.85% Notes”, and together with the 6.15% Notes, the “Notes”, and each, a “series” of Notes) up to an aggregate purchase price of $150 million (the “Maximum Tender Amount”), and in the case of the 4.85% Notes, up to the aggregate principal amount set forth in the table below, approximately $167 million in aggregate principal amount of Notes were validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on August 23, 2019 (the “Early Tender Deadline”).

The following table sets forth certain information regarding the Notes and the Offer, including the aggregate principal amount of each series of Notes that was validly tendered and not validly withdrawn at or prior to the Early Tender Deadline:

Title of Security

CUSIP
Number

Principal
Amount
Outstanding

Series Cap
(Principal
Amount)

Acceptance
Priority
Level

Aggregate Principal
Amount Tendered

6.15% Senior Notes due
2036

534187AR0

$348,000,000

N/A

1

$105,483,000

4.85% Senior Notes due
2021

534187BB4

$300,000,000

$50,000,000

2

$61,832,000

As previously announced, the Total Consideration (as defined in the Offer to Purchase, dated August 12, 2019 (the “Offer to Purchase”)) for each series of Notes will be determined at 10:00 a.m., New York City time, on August 26, 2019, as described in the Offer to Purchase and the related Letter of Transmittal (the “Letter of Transmittal”). Holders of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline will be eligible to receive the Total Consideration, which includes an early tender premium of $30 per $1,000 principal amount of Notes validly tendered by such holders and accepted for purchase by the Company. Accrued interest up to, but not including, the Early Settlement Date (as defined below) will be paid in cash on all Notes accepted for purchase by the Company. The principal amount of each series of Notes that will be accepted for purchase by the Company and the proration factor, if any, will be announced following the determination of the Total Consideration.

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