Lincoln National Sells New Preferred

This one was totally missed by me. If you Prefer noted last night.

Insurer Lincoln National (LNC) has sold a new perpetual preferred with a sky high coupon of 9%.

The issue is non-cumulative, but qualified for preferential dividend payments.

The issue will trade with the ticker of LNC-D after a stint on the OTC grey markets under LNCDL. The issue is trading at $6.50.

The prospectus is here

The company has ‘issues’ so do your due diligence. They just took a relatively massive write down and large quarterly loss.

Earnings press release is here.

3 thoughts on “Lincoln National Sells New Preferred”

  1. Well this one is quickly getting away from me. 26.55 now. By the time Ally gets things in order might be 27.

    1. eTrade was fine also – took a tiny nibble as a ‘placeholder’ (while I do some more research.

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