A review of the prospectus does NOT reveal any particular protections for holders of this security in the event of LNC being bought or merged
Coupo n is fixed at 7.125% until 10/15/2027 after which it is reset at the 5 year treasury plus a fixed spread of 3.456%.Then the coupon is reset every 5 years.
So long as no event of default with respect to the debentures has occurred and is continuing, we may, on one or more occasions, in our sole discretion, defer interest payments on the debentures for one or more optional deferral periods of up to five consecutive years without giving rise to an event of default under the terms of the debentures (each such period, an “Optional Deferral Period”). A deferral of interest payments cannot extend, however, beyond the maturity date or the earlier acceleration or redemption of the debentures. During an Optional Deferral Period, interest will continue to accrue on the debentures, and deferred interest payments will accrue additional interest at the then applicable interest rate on the debentures, compounded quarterly as of each interest payment date to the extent permitted by applicable law. No interest otherwise due during an Optional Deferral Period will be due and payable on the debentures until the end of such Optional Deferral Period except upon an acceleration or redemption of the debentures during such deferral period.
So long as no event of default with respect to the notes has occurred and is continuing, we have the right to defer the payment of interest on the notes for one or more consecutive interest periods that do not exceed five years for any single deferral period as described in “Description of the Junior Subordinated Notes—Option to Defer Interest Payments” in this prospectus supplement. We may not defer interest beyond the maturity date, any earlier accelerated maturity date arising from an event of default or any other earlier redemption of the notes. During a deferral period, interest will continue to accrue on the notes at the annual rate of % and deferred interest on the notes will bear additional interest at such rate, compounded on each interest payment date, subject to applicable law. If we have paid all deferred interest (including compounded interest thereon) on the notes, we can again defer interest payments on the notes as described above.
The debentures will bear interest (i) from and including the date of original issue to, but excluding, March 15, 2027, at the fixed rate of 5.875% per annum and (ii) from, and including, March 15, 2027, during each Reset Period (as defined below), at a rate per annum equal to the Five-Year Treasury Rate (as defined below) as of the most recent Reset Interest Determination Date (as defined below) plus 4.140% to be reset on each Reset Date (as defined below). We will pay interest on the debentures quarterly on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2022. We may defer interest payments during one or more deferral periods for up to five consecutive years each as described in this prospectus supplement. See “Description of Debentures—Option to Defer Interest Payments.” The debentures will mature on March 15, 2062.
On 8/12/2021 an addition 2.48 million shares were sold by holders–no proceeds to the company
Coupon is fixed at 8% until 2/26/2026 at which time it will reset to a coupon of the 5 year treasury plus a spread of 7.298%–resetting on every 5th anniversary. Issue is redeemable starting 2/26/2026 and on each 5th anniversary
We may defer interest payments on the Notes on one or more occasions for up to 20 consecutive quarterly periods per deferral period as described in this prospectus supplement. Deferred interest payments will accrue additional interest at a rate equal to the interest rate then applicable to the Notes, compounded quarterly, to the extent permitted by applicable law.