Lincoln Financial Group (NYSE: LNC - News) today announced a registered public underwritten offering of $600 million of its common shares. The underwriters will have a 30-day option to purchase up to an additional 15 percent of the offered amount of common shares from the company. J.P. Morgan Securities Inc. and Merrill Lynch & Co. will serve as Global Coordinators and Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated will serve as joint book-running managers for the offering.
The common stock offering is a part of Lincoln's broader capital plan that also includes raising up to $500 million in senior debt and targeting approximately $950 million in preferred stock. Any preferred stock would be issued pursuant to the U.S. Treasury's Capital Purchase Program (CPP).
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