Lincoln National Completes $461.8M Preferred Stock Tender Offer
LNC sits 41% above its 52-week low of $32.18.
Summary
Lincoln National announced final results of its tender offer for up to $500 million of preferred stock, accepting $461.8 million in aggregate consideration. The repurchase reduces high-cost preferred dividend obligations and follows a series of capital management actions.
Key Events · Financing and Capital Events · LNC
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Tender Offer Results Announced
Lincoln National accepted $265.9M of Series C and $171.4M of Series D depositary shares, totaling approximately $461.8M in aggregate consideration including accrued dividends.
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High-Cost Preferred Retired
The repurchase covers 53.2% of outstanding Series C and 34.3% of Series D depositary shares, reducing future dividend obligations on 9.25% and 9.00% preferred stock.
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Premium Paid to Liquidation Preference
Series C shares were purchased at $1,057.31 per depositary share versus $1,000 liquidation preference; Series D at $26.36 versus $25.00, reflecting a premium to retire the high-cost capital.
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Settlement Date Set
The company expects settlement for both offers on September 10, 2026, one day after this filing.
Analysis · LNC · Finance
Lincoln National accepted $461.8 million of its high-cost preferred depositary shares in a tender offer that expired September 8, 2026. The company repurchased 53.2% of its Series C and 34.3% of its Series D preferred shares at a premium to liquidation preference, reducing future dividend obligations on expensive capital. This follows the $500 million subordinated notes offering in June and the $5.8 billion reinsurance deal in July, continuing a broader balance-sheet de-risking strategy.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 30% of the 1973 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, LNC was trading at $45.40 on NYSE in the Finance sector, with a market capitalization of approximately $8.3B. The 52-week trading range was $32.18 to $47.67. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.