Lincoln Financial (NYSE: LNC) announced the results of its cash tender offers for two series of depositary shares, with total consideration of approximately $461.8 million, including accrued dividends, to be paid to holders whose shares were accepted for purchase.

The offers, which expired Sept. 8, 2026, targeted up to $500 million in aggregate liquidation preference of Series C and Series D depositary shares. Because total tenders fell below that cap, the company said it will accept all validly tendered shares.

For the Series C depositary shares, each representing a 1/25th interest in a share of 9.250% Fixed Rate Reset Non-Cumulative Preferred Stock, Lincoln Financial received tenders with an aggregate liquidation preference of $265,945,000, representing approximately 53.2% of outstanding Series C shares. The offer price was $1,055.00 per share, plus $2.31 in accrued dividends, for total consideration of $1,057.31 per share.

For the Series D depositary shares (NYSE: LNC PRD), each representing a 1/1,000th interest in a share of 9.000% Non-Cumulative Preferred Stock, tenders totaled $171,355,350 in aggregate liquidation preference, representing approximately 34.3% of outstanding Series D shares. The offer price was $26.30 per share, plus $0.06 in accrued dividends, for total consideration of $26.36 per share.

Settlement for both offers is expected on Sept. 10, 2026. The tender offers were launched Aug. 10, 2026, with BNP Paribas Securities Corp., Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, and J.P. Morgan Securities LLC serving as dealer managers.