Lincoln Financial Group (NYSE: LNC - News) today announced that it has priced a public offering of 40 million shares of its common stock at a public offering price of $15.00 per share to raise approximately $600 million. The underwriters will have a 30-day option to purchase up to an additional 6 million shares of common stock. The offering is expected to close on June 22, 2009, subject to customary closing conditions.
Lincoln intends to use the net proceeds from the offering, which are expected to be approximately $566 million (without giving effect to any exercise of the underwriters' option to purchase additional shares), for general corporate purposes, including, but not limited to, contributions of capital to our insurance and other subsidiaries.
J.P. Morgan Securities Inc. and Merrill Lynch & Co. served as Global Coordinators and Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated served as joint book-running managers for the offering.
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