Lincoln National Corporation (NYSE: LNC) announced concurrent tender offers to purchase up to $500 million in aggregate liquidation preference of two series of its outstanding depositary shares, according to a company press release dated August 10, 2026.

The offers cover Series C Depositary Shares, each representing a 1/25th interest in a share of 9.250% Fixed Rate Reset Non-Cumulative Preferred Stock, and Series D Depositary Shares (NYSE: LNC PRD), each representing a 1/1,000th interest in a share of 9.000% Non-Cumulative Preferred Stock.

The company is offering $1,055.00 per Series C Depositary Share, which carries a $1,000.00 liquidation preference, plus accrued dividends. Series D Depositary Shares, with a $25.00 liquidation preference, are being offered at $26.30 per share, plus accrued dividends. The company expects settlement on September 10, 2026.

Series C shares hold acceptance priority over Series D shares. If total tenders exceed the $500 million cap, all validly tendered Series C shares will be accepted first, with Series D shares accepted on a prorated basis for any remaining capacity.

The offers are set to expire at 5:00 p.m. New York time on September 8, 2026, unless extended or terminated. Lincoln Financial stated it intends to fund the purchases with cash on hand. The offers are not contingent on financing or a minimum tender amount, though certain conditions outlined in the offer documents apply.

The company's board of directors approved the offers but has not made a recommendation to holders regarding whether to tender their shares.