Lincoln National Corp.'s Proposed Subordinated Notes Rated 'BBB'

NEW YORK (S&P Global Ratings) July 8, 2021--S&P Global Ratings today said it assigned its 'BBB' issue rating to Lincoln National Corp.'s (LNC) proposed issuance of floating-rate subordinated notes. This issue rating is two notches below our 'A-' long-term issuer credit rating on LNC. The two notches represent the subordination of the issue and the optional interest deferability. The proposed notes will be unsecured obligations and rank junior to the company's current and future senior indebtedness but senior to the current junior subordinated notes. LNC has the option to defer the interest payments on these notes for up to five years. The deferred interest payments would remain cumulative. The subordinated notes issuance will be a 1-to-1 exchange for outstanding junior

...July 8, 2021 NEW YORK (S&P Global Ratings) July 8, 2021--S&P Global Ratings today said it assigned its '###' issue rating to Lincoln National Corp.'s (LNC) proposed issuance of floating-rate subordinated notes. This issue rating is two notches below our 'A-' long-term issuer credit rating on LNC. The two notches represent the subordination of the issue and the optional interest deferability. The proposed notes will be unsecured obligations and rank junior to the company's current and future senior indebtedness but senior to the current junior subordinated notes. LNC has the option to defer the interest payments on these notes for up to five years. The deferred interest payments would remain cumulative. The subordinated notes issuance will be a 1-to-1 exchange for outstanding junior subordinated debt of $722 million maturing in May 2066 and $491 million maturing in April 2067; thus, LNC will not receive any cash proceeds. The purpose of this exchange is to introduce a fallback floating benchmark...

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