Lincoln National Corporation entered into a Third Amended and Restated Credit Agreement, amending its existing $2.0 billion unsecured revolving credit facility and extending the commitment termination date to March 27, 2031.
Key takeaways
The Company entered into a Third Amended and Restated Credit Agreement on March 27, 2026, amending and restating the prior agreement dated December 21, 2023.
The facility remains unsecured with a total commitment of $2.0 billion, available for letters of credit and borrowings.
The commitment termination date was extended by approximately one year to March 27, 2031.
Financial covenants include a minimum consolidated net worth of $9,932,000,000 plus 50% of net proceeds from equity issuances after December 31, 2025.
The agreement includes a debt-to-capital ratio covenant not to exceed 0.35 to 1.00.
Bank of America, N.A. serves as the Administrative Agent for the syndicate of lenders.