{"success":true,"data":{"pressRelease":{"id":"139062","rtpr_id":"nBw3N7dN2a-20260909","ticker":"LNC","exchange":"NYSE","all_tickers":["LNC"],"title":"Lincoln Financial Announces Expiration and Results of Cash Tender Offers for Its Series C and Series D Depositary Shares","author":"Business Wire","published_at":"2026-09-09T12:00:02.064Z","article_body":"Lincoln Financial Announces Expiration and Results of Cash Tender Offers for\nIts Series C and Series D Depositary Shares\n\nLincoln Financial (NYSE: LNC) today announced the expiration and results of\nthe previously announced concurrent but separate tender offers (each, an\n“Offer” and, together, the “Offers”) by Lincoln National Corporation\n(the “Company”) to purchase for cash up to $500 million in aggregate\nLiquidation Preference (as defined below) (such amount, the “Maximum\nAggregate Liquidation Preference”) of its outstanding depositary shares,\nrepresenting fractional interests in certain series of its preferred stock,\nlisted in the table below (collectively, the “Depositary Shares,” and each\nseries of Depositary Shares, a “series” of Depositary Shares). The Offers\nwere made solely pursuant to, and were subject to the terms and conditions set\nforth in, the Offer to Purchase, dated August 10, 2026 (the “Offer to\nPurchase”), and the related Letter of Transmittal (the “Letter of\nTransmittal” and, together with the Offer to Purchase, the “Offer\nDocuments”). Each Offer expired at 5:00 p.m., New York City time, on\nSeptember 8, 2026 (the “Expiration Date”). The table below sets forth the\naggregate Liquidation Preference of Depositary Shares of each series validly\ntendered and not validly withdrawn as of the Expiration Date, according to the\nfinal share information provided by the tender agent. The aggregate\nLiquidation Preference of Depositary Shares validly tendered in the Offers is\nless than the Maximum Aggregate Liquidation Preference. As a result, the\nCompany will accept for purchase all validly tendered and not validly\nwithdrawn Depositary Shares. The shares accepted for purchase represent\napproximately 53.2% of the Company’s issued and outstanding Series C\nDepositary Shares and approximately 34.3% of the Company’s issued and\noutstanding Series D Depositary Shares as of the date hereof.\n Series of Depositary Shares                                                     CUSIP No. / ISIN          Aggregate Liquidation Preference Outstanding (Number of Depositary Shares  Liquidation Preference per Depositary Share((1))  Offer Price per Depositary Share  Accrued Dividends per Depositary Share((2))  Total Consideration per Depositary Share((2))  Aggregate Liquidation Preference Tendered as of Expiration Date and Accepted  \n                                                                                                           Outstanding)                                                                                                                                                                                                                                               for Purchase                                                                  \n Depositary Shares, each representing a 1/25th interest in a share of 9.250%     534187BR9 / US534187BR92  $500,000,000 (500,000 Series C Depositary Shares)                          $1,000.00                                         $1,055.00                         $2.31                                        $1,057.31                                      $265,945,000                                                                  \n Fixed Rate Reset Non-Cumulative Preferred Stock, Series C (the “Series C                                                                                                                                                                                                                                                                                                                                                                           \n Depositary Shares”)                                                                                                                                                                                                                                                                                                                                                                                                                                \n \n                                                                                                                                                                                                                                                                                                                                                                                                                                                  \n \n                                                                                                                                                                                                                                                                                                                                                                                                                                                  \n Depositary Shares, each representing a 1/1,000th interest in a share of 9.000%  534187885 / US5341878859  $500,000,000 (20,000,000 Series D Depositary Shares)                       $25.00                                            $26.30                            $0.06                                        $26.36                                          $171,355,350                                                                 \n Non-Cumulative Preferred Stock, Series D (the “Series D Depositary                                                                                                                                                                                                                                                                                                                                                                                 \n Shares”)((3))                                                                                                                                                                                                                                                                                                                                                                                                                                      \n                                                                                                                                                                                                                                                                                                                                                                                                                                                    \n ((1)) As used herein, the term “Liquidation Preference” for a Depositary                                                                                                                                                                                                                                                                                                                                                                           \n Share of a series means an amount equal to the product of the liquidation                                                                                                                                                                                                                                                                                                                                                                          \n preference per share of the applicable underlying preferred stock ($25,000 for                                                                                                                                                                                                                                                                                                                                                                     \n both series of preferred stock) multiplied by the fractional interest in such                                                                                                                                                                                                                                                                                                                                                                      \n share of preferred stock that such Depositary Share represents, as set forth                                                                                                                                                                                                                                                                                                                                                                       \n in the table above.                                                                                                                                                                                                                                                                                                                                                                                                                                \n                                                                                                                                                                                                                                                                                                                                                                                                                                                    \n ((2) )The Total Consideration (as defined in the Offer to Purchase) payable                                                                                                                                                                                                                                                                                                                                                                        \n for Depositary Shares of a series that are purchased pursuant to an applicable                                                                                                                                                                                                                                                                                                                                                                     \n Offer equals the applicable Offer Price (as defined in the Offer to Purchase)                                                                                                                                                                                                                                                                                                                                                                      \n for such Depositary Shares plus the Accrued Dividends (as defined in the Offer                                                                                                                                                                                                                                                                                                                                                                     \n to Purchase) for such Depositary Shares, each as set forth in the table above.                                                                                                                                                                                                                                                                                                                                                                     \n                                                                                                                                                                                                                                                                                                                                                                                                                                                    \n ((3) )The Series D Depositary Shares are listed for trading on the New York                                                                                                                                                                                                                                                                                                                                                                        \n Stock Exchange under the symbol “LNC PRD.”                                                                                                                                                                                                                                                                                                                                                                                                         \n\n\nInformation with respect to the Total Consideration payable for Depositary\nShares purchased in the Offers is set forth in the table above. The Total\nConsideration payable for each Depositary Share of a series purchased in the\nOffers consists of the applicable Offer Price, plus, in each case, Accrued\nDividends. The aggregate Total Consideration, including Accrued Dividends,\npayable by the Company for the Depositary Shares to be accepted for purchase\nis approximately $461.8 million. The Company expects that the settlement date\nfor each Offer will be September 10, 2026.\n\nHolders of Depositary Shares may direct questions and requests for assistance\nregarding the Offers to the dealer managers for the Offers: BNP Paribas\nSecurities Corp. at (888) 210-4358 (toll free) or (212) 841-3059 (collect),\nMorgan Stanley & Co. LLC at (855) 483-0952 (toll free), Wells Fargo\nSecurities, LLC at (866) 309-6316 (toll free) or (704) 410-4820 (collect) or\nJ.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-3554\n(collect). Holders of Depositary Shares may request copies of the Offer to\nPurchase, the Letter of Transmittal or any related documents from Global\nBondholder Services Corporation, the information agent and tender agent for\nthe Offers, at (855) 654-2015 (toll free) or, for banks and brokers, (212)\n430-3774 (collect). Holders of Depositary Shares may also obtain copies of the\nOffer Documents online at the website of the Securities and Exchange\nCommission (the “SEC”) at www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54600708&newsitemid=20260909302550&lan=en-US&anchor=www.sec.gov&index=1&md5=ca57aa7d1b7dd5f4fc6031ecc5ad4ed2)\nas exhibits to the Tender Offer Statement on Schedule TO initially filed by\nthe Company with the SEC on August 10, 2026 and amended on the date hereof.\n\nAbout Lincoln Financial\n\nLincoln Financial helps people confidently plan for their vision of a\nsuccessful financial future. As of December 31, 2025, approximately 17 million\ncustomers trust our guidance and solutions across four core businesses –\nannuities, life insurance, group protection, and retirement plan services. As\nof June 30, 2026, the Company had $366 billion in end-of-period account\nbalances, net of reinsurance. Headquartered in Radnor, PA, Lincoln Financial\nis the marketing name for Lincoln National Corporation (NYSE: LNC) and its\naffiliates. Learn more at LincolnFinancial.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2FLincolnFinancial.com&esheet=54600708&newsitemid=20260909302550&lan=en-US&anchor=LincolnFinancial.com&index=2&md5=ff0019b5665033299b40bc6cdcb9a120)\n.\n\nFORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE\n\nCertain statements made in this press release are forward-looking statements.\nA forward-looking statement is a statement that is not a historical fact and,\nwithout limitation, includes any statement that may predict, forecast,\nindicate or imply future results, performance or achievements. Forward-looking\nstatements may contain words like: “anticipate,” “believe,”\n“estimate,” “expect,” “project,” “shall,” “will” and other\nwords or phrases with similar meaning in connection with a discussion of\nfuture events, operating performance, or financial performance. In particular,\nthese include statements relating to expectations regarding the Offers, the\nCompany’s ability to satisfy or, if applicable, its willingness to waive the\nconditions of the Offers, the impact of completion of the Offers on the\nCompany and other statements that do not directly relate to historical or\ncurrent facts.\n\nForward-looking statements are subject to risks and uncertainties. Actual\nresults could differ materially from those expressed in or implied by such\nforward-looking statements due to a variety of factors that could affect\nfuture events and our businesses and financial performance, including those\ndiscussed in the Company’s Annual Report on Form 10-K for the year ended\nDecember 31, 2025 and other reports that the Company files with the SEC.\nMoreover, the Company operates in a rapidly changing and competitive\nenvironment. New risk factors emerge from time to time, and it is not possible\nfor management to predict all such risk factors. Further, it is not possible\nto assess the effect of all risk factors on the Company’s businesses or the\nextent to which any factor, or combination of factors, may cause actual\nresults to differ materially from those contained in any forward-looking\nstatements. Given these risks and uncertainties, investors should not place\nundue reliance on forward-looking statements as a prediction of actual\nresults. In addition, the Company disclaims any obligation to correct or\nupdate any forward-looking statements to reflect events or circumstances that\noccur after the date of this press release.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260909302550/en/\n(https://www.businesswire.com/news/home/20260909302550/en/)\n\nJohn Muething\n\nInvestor Relations\n\nInvestorrelations@LFG.com \n(mailto:Investorrelations@LFG.com) \n\n\nKaryn Baldwin\n\nMedia Relations\n\nMedia@LFG.com (mailto:Media@LFG.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw3N7dN2a-20260909","title":"Lincoln Financial Announces Expiration and Results of Cash Tender Offers for Its Series C and Series D Depositary Shares","author":"Business Wire","ticker":"LNC","created":"2026-09-09T12:00:02.064Z","tickers":["LNC"],"exchange":"NYSE","article_body":"Lincoln Financial Announces Expiration and Results of Cash Tender Offers for\nIts Series C and Series D Depositary Shares\n\nLincoln Financial (NYSE: LNC) today announced the expiration and results of\nthe previously announced concurrent but separate tender offers (each, an\n“Offer” and, together, the “Offers”) by Lincoln National Corporation\n(the “Company”) to purchase for cash up to $500 million in aggregate\nLiquidation Preference (as defined below) (such amount, the “Maximum\nAggregate Liquidation Preference”) of its outstanding depositary shares,\nrepresenting fractional interests in certain series of its preferred stock,\nlisted in the table below (collectively, the “Depositary Shares,” and each\nseries of Depositary Shares, a “series” of Depositary Shares). The Offers\nwere made solely pursuant to, and were subject to the terms and conditions set\nforth in, the Offer to Purchase, dated August 10, 2026 (the “Offer to\nPurchase”), and the related Letter of Transmittal (the “Letter of\nTransmittal” and, together with the Offer to Purchase, the “Offer\nDocuments”). Each Offer expired at 5:00 p.m., New York City time, on\nSeptember 8, 2026 (the “Expiration Date”). The table below sets forth the\naggregate Liquidation Preference of Depositary Shares of each series validly\ntendered and not validly withdrawn as of the Expiration Date, according to the\nfinal share information provided by the tender agent. The aggregate\nLiquidation Preference of Depositary Shares validly tendered in the Offers is\nless than the Maximum Aggregate Liquidation Preference. As a result, the\nCompany will accept for purchase all validly tendered and not validly\nwithdrawn Depositary Shares. The shares accepted for purchase represent\napproximately 53.2% of the Company’s issued and outstanding Series C\nDepositary Shares and approximately 34.3% of the Company’s issued and\noutstanding Series D Depositary Shares as of the date hereof.\n Series of Depositary Shares                                                     CUSIP No. / ISIN          Aggregate Liquidation Preference Outstanding (Number of Depositary Shares  Liquidation Preference per Depositary Share((1))  Offer Price per Depositary Share  Accrued Dividends per Depositary Share((2))  Total Consideration per Depositary Share((2))  Aggregate Liquidation Preference Tendered as of Expiration Date and Accepted  \n                                                                                                           Outstanding)                                                                                                                                                                                                                                               for Purchase                                                                  \n Depositary Shares, each representing a 1/25th interest in a share of 9.250%     534187BR9 / US534187BR92  $500,000,000 (500,000 Series C Depositary Shares)                          $1,000.00                                         $1,055.00                         $2.31                                        $1,057.31                                      $265,945,000                                                                  \n Fixed Rate Reset Non-Cumulative Preferred Stock, Series C (the “Series C                                                                                                                                                                                                                                                                                                                                                                           \n Depositary Shares”)                                                                                                                                                                                                                                                                                                                                                                                                                                \n \n                                                                                                                                                                                                                                                                                                                                                                                                                                                  \n \n                                                                                                                                                                                                                                                                                                                                                                                                                                                  \n Depositary Shares, each representing a 1/1,000th interest in a share of 9.000%  534187885 / US5341878859  $500,000,000 (20,000,000 Series D Depositary Shares)                       $25.00                                            $26.30                            $0.06                                        $26.36                                          $171,355,350                                                                 \n Non-Cumulative Preferred Stock, Series D (the “Series D Depositary                                                                                                                                                                                                                                                                                                                                                                                 \n Shares”)((3))                                                                                                                                                                                                                                                                                                                                                                                                                                      \n                                                                                                                                                                                                                                                                                                                                                                                                                                                    \n ((1)) As used herein, the term “Liquidation Preference” for a Depositary                                                                                                                                                                                                                                                                                                                                                                           \n Share of a series means an amount equal to the product of the liquidation                                                                                                                                                                                                                                                                                                                                                                          \n preference per share of the applicable underlying preferred stock ($25,000 for                                                                                                                                                                                                                                                                                                                                                                     \n both series of preferred stock) multiplied by the fractional interest in such                                                                                                                                                                                                                                                                                                                                                                      \n share of preferred stock that such Depositary Share represents, as set forth                                                                                                                                                                                                                                                                                                                                                                       \n in the table above.                                                                                                                                                                                                                                                                                                                                                                                                                                \n                                                                                                                                                                                                                                                                                                                                                                                                                                                    \n ((2) )The Total Consideration (as defined in the Offer to Purchase) payable                                                                                                                                                                                                                                                                                                                                                                        \n for Depositary Shares of a series that are purchased pursuant to an applicable                                                                                                                                                                                                                                                                                                                                                                     \n Offer equals the applicable Offer Price (as defined in the Offer to Purchase)                                                                                                                                                                                                                                                                                                                                                                      \n for such Depositary Shares plus the Accrued Dividends (as defined in the Offer                                                                                                                                                                                                                                                                                                                                                                     \n to Purchase) for such Depositary Shares, each as set forth in the table above.                                                                                                                                                                                                                                                                                                                                                                     \n                                                                                                                                                                                                                                                                                                                                                                                                                                                    \n ((3) )The Series D Depositary Shares are listed for trading on the New York                                                                                                                                                                                                                                                                                                                                                                        \n Stock Exchange under the symbol “LNC PRD.”                                                                                                                                                                                                                                                                                                                                                                                                         \n\n\nInformation with respect to the Total Consideration payable for Depositary\nShares purchased in the Offers is set forth in the table above. The Total\nConsideration payable for each Depositary Share of a series purchased in the\nOffers consists of the applicable Offer Price, plus, in each case, Accrued\nDividends. The aggregate Total Consideration, including Accrued Dividends,\npayable by the Company for the Depositary Shares to be accepted for purchase\nis approximately $461.8 million. The Company expects that the settlement date\nfor each Offer will be September 10, 2026.\n\nHolders of Depositary Shares may direct questions and requests for assistance\nregarding the Offers to the dealer managers for the Offers: BNP Paribas\nSecurities Corp. at (888) 210-4358 (toll free) or (212) 841-3059 (collect),\nMorgan Stanley & Co. LLC at (855) 483-0952 (toll free), Wells Fargo\nSecurities, LLC at (866) 309-6316 (toll free) or (704) 410-4820 (collect) or\nJ.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-3554\n(collect). Holders of Depositary Shares may request copies of the Offer to\nPurchase, the Letter of Transmittal or any related documents from Global\nBondholder Services Corporation, the information agent and tender agent for\nthe Offers, at (855) 654-2015 (toll free) or, for banks and brokers, (212)\n430-3774 (collect). Holders of Depositary Shares may also obtain copies of the\nOffer Documents online at the website of the Securities and Exchange\nCommission (the “SEC”) at www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54600708&newsitemid=20260909302550&lan=en-US&anchor=www.sec.gov&index=1&md5=ca57aa7d1b7dd5f4fc6031ecc5ad4ed2)\nas exhibits to the Tender Offer Statement on Schedule TO initially filed by\nthe Company with the SEC on August 10, 2026 and amended on the date hereof.\n\nAbout Lincoln Financial\n\nLincoln Financial helps people confidently plan for their vision of a\nsuccessful financial future. As of December 31, 2025, approximately 17 million\ncustomers trust our guidance and solutions across four core businesses –\nannuities, life insurance, group protection, and retirement plan services. As\nof June 30, 2026, the Company had $366 billion in end-of-period account\nbalances, net of reinsurance. Headquartered in Radnor, PA, Lincoln Financial\nis the marketing name for Lincoln National Corporation (NYSE: LNC) and its\naffiliates. Learn more at LincolnFinancial.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2FLincolnFinancial.com&esheet=54600708&newsitemid=20260909302550&lan=en-US&anchor=LincolnFinancial.com&index=2&md5=ff0019b5665033299b40bc6cdcb9a120)\n.\n\nFORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE\n\nCertain statements made in this press release are forward-looking statements.\nA forward-looking statement is a statement that is not a historical fact and,\nwithout limitation, includes any statement that may predict, forecast,\nindicate or imply future results, performance or achievements. Forward-looking\nstatements may contain words like: “anticipate,” “believe,”\n“estimate,” “expect,” “project,” “shall,” “will” and other\nwords or phrases with similar meaning in connection with a discussion of\nfuture events, operating performance, or financial performance. In particular,\nthese include statements relating to expectations regarding the Offers, the\nCompany’s ability to satisfy or, if applicable, its willingness to waive the\nconditions of the Offers, the impact of completion of the Offers on the\nCompany and other statements that do not directly relate to historical or\ncurrent facts.\n\nForward-looking statements are subject to risks and uncertainties. Actual\nresults could differ materially from those expressed in or implied by such\nforward-looking statements due to a variety of factors that could affect\nfuture events and our businesses and financial performance, including those\ndiscussed in the Company’s Annual Report on Form 10-K for the year ended\nDecember 31, 2025 and other reports that the Company files with the SEC.\nMoreover, the Company operates in a rapidly changing and competitive\nenvironment. New risk factors emerge from time to time, and it is not possible\nfor management to predict all such risk factors. Further, it is not possible\nto assess the effect of all risk factors on the Company’s businesses or the\nextent to which any factor, or combination of factors, may cause actual\nresults to differ materially from those contained in any forward-looking\nstatements. Given these risks and uncertainties, investors should not place\nundue reliance on forward-looking statements as a prediction of actual\nresults. In addition, the Company disclaims any obligation to correct or\nupdate any forward-looking statements to reflect events or circumstances that\noccur after the date of this press release.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260909302550/en/\n(https://www.businesswire.com/news/home/20260909302550/en/)\n\nJohn Muething\n\nInvestor Relations\n\nInvestorrelations@LFG.com \n(mailto:Investorrelations@LFG.com) \n\n\nKaryn Baldwin\n\nMedia Relations\n\nMedia@LFG.com (mailto:Media@LFG.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-09-09T12:00:02.194769055Z","server_sent_at_ms":1788955202194},"received_at":"2026-09-09T12:00:02.247Z","source_url":"https://www.businesswire.com/news/home/20260909302550/en/"},"analysis":{"id":"127904","press_release_id":"139062","analysis_json":{"industry":{"label":"Insurance","sector":"Financials"},"redFlags":["Uses ~$461.8 million of cash to retire preferred at a premium to liquidation preference (5.5% on Series C, 5.2% on Series D)","Offers were undersubscribed relative to the $500 million maximum ($437.3 million in liquidation preference tendered)"],"eventType":"buyback","narrative":"Lincoln Financial (NYSE: LNC) announced the expiration and results of its previously announced tender offers to purchase for cash up to $500 million in aggregate liquidation preference of its Series C and Series D depositary shares, which expired at 5:00 p.m. New York time on September 8, 2026.\n\nThe company accepted all validly tendered shares — approximately 53.2% of outstanding Series C and 34.3% of outstanding Series D — for aggregate total consideration of approximately $461.8 million including accrued dividends, with settlement expected on September 10, 2026.\n\nEach offer priced at a premium to liquidation preference ($1,055.00 versus $1,000.00 for Series C and $26.30 versus $25.00 for Series D) and retires preferred stock carrying 9.25% and 9.00% coupons, modestly trimming Lincoln's fixed preferred dividend obligations.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Lincoln retires ~$437M liquidation preference of 9%+ coupon preferred at a modest premium, a routine capital-structure cleanup that trims fixed dividend costs."},"keyFigures":{"customDimensions":{"customers":"approximately 17 million","expiration_date":"2026-09-08","series_c_coupon":"9.250%","series_d_coupon":"9.000%","settlement_date":"2026-09-10","series_c_offer_price_per_share":1055,"series_d_offer_price_per_share":26.3,"account_balances_as_of_2026_06_30":"$366 billion","max_aggregate_liquidation_preference":500000000,"series_c_accepted_pct_of_outstanding":"53.2%","series_d_accepted_pct_of_outstanding":"34.3%","series_c_liquidation_preference_accepted":265945000,"series_d_liquidation_preference_accepted":171355350,"total_consideration_incl_accrued_dividends":461800000}},"quotedText":"is approximately $461.8 million.","namedEntities":{"people":[{"name":"John Muething","role":"Investor Relations contact, Lincoln Financial"},{"name":"Karyn Baldwin","role":"Media Relations contact, Lincoln Financial"}],"products":["Series C Depositary Shares (1/25th interest in 9.250% Fixed Rate Reset Non-Cumulative Preferred Stock, CUSIP 534187BR9)","Series D Depositary Shares (1/1,000th interest in 9.000% Non-Cumulative Preferred Stock, NYSE: LNC PRD)"],"companies":[{"name":"Lincoln National Corporation (Lincoln Financial)","ticker":"LNC","relationship":"filer; issuer conducting the tender offers"},{"name":"BNP Paribas Securities Corp.","relationship":"dealer manager"},{"name":"Morgan Stanley & Co. LLC","relationship":"dealer manager"},{"name":"Wells Fargo Securities, LLC","relationship":"dealer manager"},{"name":"J.P. Morgan Securities LLC","relationship":"dealer manager"},{"name":"Global Bondholder Services Corporation","relationship":"information agent and tender agent"}],"dollarAmounts":[{"amount":"$500 million","context":"Maximum Aggregate Liquidation Preference of the tender offers"},{"amount":"$461.8 million","context":"aggregate Total Consideration including Accrued Dividends payable for accepted Depositary Shares"},{"amount":"$265,945,000","context":"aggregate Liquidation Preference of Series C Depositary Shares tendered and accepted"},{"amount":"$171,355,350","context":"aggregate Liquidation Preference of Series D Depositary Shares tendered and accepted"},{"amount":"$366 billion","context":"end-of-period account balances, net of reinsurance, as of June 30, 2026"}]},"materialImpact":{"score":2,"reasoning":"Routine, previously announced liability-management action: results of tender offers to retire up to $500M liquidation preference of high-coupon (9.00%-9.25%) preferred stock for ~$461.8M. Slightly reduces fixed preferred dividend obligations but is a follow-up mechanics announcement, not new strategy or a surprise."},"tickerRelevance":{"others":[{"ticker":"LNC PRD","relevance":"exchange-listed symbol for the filer's Series D Depositary Shares"}],"primary":"LNC"},"globalImportance":22,"audienceRelevance":25,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"large established insurer (S&P 500 alumnus), not a mega-cap","eventGravity":"preferred-stock tender offer results; follow-up to previously announced offers","holderAudience":"relevant mainly to LNC preferred (LNC PRD) and fixed-income holders","routineFollowUp":true,"capitalStructureEvent":true}},"event_type":"buyback","event_type_secondary":null,"sentiment":"neutral","material_impact_score":2,"narrative":"Lincoln Financial (NYSE: LNC) announced the expiration and results of its previously announced tender offers to purchase for cash up to $500 million in aggregate liquidation preference of its Series C and Series D depositary shares, which expired at 5:00 p.m. New York time on September 8, 2026.\n\nThe company accepted all validly tendered shares — approximately 53.2% of outstanding Series C and 34.3% of outstanding Series D — for aggregate total consideration of approximately $461.8 million including accrued dividends, with settlement expected on September 10, 2026.\n\nEach offer priced at a premium to liquidation preference ($1,055.00 versus $1,000.00 for Series C and $26.30 versus $25.00 for Series D) and retires preferred stock carrying 9.25% and 9.00% coupons, modestly trimming Lincoln's fixed preferred dividend obligations.","key_figures":{"customDimensions":{"customers":"approximately 17 million","expiration_date":"2026-09-08","series_c_coupon":"9.250%","series_d_coupon":"9.000%","settlement_date":"2026-09-10","series_c_offer_price_per_share":1055,"series_d_offer_price_per_share":26.3,"account_balances_as_of_2026_06_30":"$366 billion","max_aggregate_liquidation_preference":500000000,"series_c_accepted_pct_of_outstanding":"53.2%","series_d_accepted_pct_of_outstanding":"34.3%","series_c_liquidation_preference_accepted":265945000,"series_d_liquidation_preference_accepted":171355350,"total_consideration_incl_accrued_dividends":461800000}},"named_entities":{"people":[{"name":"John Muething","role":"Investor Relations contact, Lincoln Financial"},{"name":"Karyn Baldwin","role":"Media Relations contact, Lincoln Financial"}],"products":["Series C Depositary Shares (1/25th interest in 9.250% Fixed Rate Reset Non-Cumulative Preferred Stock, CUSIP 534187BR9)","Series D Depositary Shares (1/1,000th interest in 9.000% Non-Cumulative Preferred Stock, NYSE: LNC PRD)"],"companies":[{"name":"Lincoln National Corporation (Lincoln Financial)","ticker":"LNC","relationship":"filer; issuer conducting the tender offers"},{"name":"BNP Paribas Securities Corp.","relationship":"dealer manager"},{"name":"Morgan Stanley & Co. LLC","relationship":"dealer manager"},{"name":"Wells Fargo Securities, LLC","relationship":"dealer manager"},{"name":"J.P. Morgan Securities LLC","relationship":"dealer manager"},{"name":"Global Bondholder Services Corporation","relationship":"information agent and tender agent"}],"dollarAmounts":[{"amount":"$500 million","context":"Maximum Aggregate Liquidation Preference of the tender offers"},{"amount":"$461.8 million","context":"aggregate Total Consideration including Accrued Dividends payable for accepted Depositary Shares"},{"amount":"$265,945,000","context":"aggregate Liquidation Preference of Series C Depositary Shares tendered and accepted"},{"amount":"$171,355,350","context":"aggregate Liquidation Preference of Series D Depositary Shares tendered and accepted"},{"amount":"$366 billion","context":"end-of-period account balances, net of reinsurance, as of June 30, 2026"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-09T12:03:26.362Z","global_importance":22,"audience_relevance":25,"importance_components":{"tickerTier":"large established insurer (S&P 500 alumnus), not a mega-cap","eventGravity":"preferred-stock tender offer results; follow-up to previously announced offers","holderAudience":"relevant mainly to LNC preferred (LNC PRD) and fixed-income holders","routineFollowUp":true,"capitalStructureEvent":true}},"durationMs":56166,"modelName":"glm-5.3-flash"}}