Latest news with #LincolnFinancial
Yahoo
5 days ago
- Business
- Yahoo
Lincoln Financial and Bain Capital Announce Closing of Equity Capital Raise and Launch of Long-Term Strategic Partnership
The transaction closing marks the start of a multi-faceted partnership that will enable Lincoln to accelerate its strategy, unlock value creation opportunities, and provide growth capital to be deployed in areas of strategic focus. RADNOR, Pa., June 05, 2025--(BUSINESS WIRE)--Lincoln Financial (NYSE: LNC) and Bain Capital today shared the closing of their previously announced long-term strategic partnership agreement. The partnership was first announced by Lincoln and Bain Capital on April 9, 2025, and includes an $825 million strategic growth investment from Bain Capital, which acquired a 9.9% common equity stake on a post-issuance basis in Lincoln, and the establishment of a 10-year, non-exclusive strategic investment management relationship. Under the final terms, Lincoln issued 18,759,497 new common shares at $44.00 per share, based on a 25% premium to the 30-day volume-weighted average price as of April 8, 2025. This capital will be deployed toward Lincoln's strategic priorities—including growing spread-based earnings, advancing portfolio management and asset sourcing efforts, and optimizing the company's legacy life insurance portfolio. Additionally, the transaction provides Lincoln with the financial flexibility to accelerate progress toward its 25% leverage ratio target. "We're incredibly pleased to launch our strategic partnership with Bain Capital, creating significant opportunities for long-term value generation with a focus on advancing Lincoln's goal of sustained profitable growth," said Ellen Cooper, Chairman, President and Chief Executive Officer of Lincoln Financial. "Bain Capital's powerful platform, deep cultural fit and shared values will further differentiate us competitively and enable us to accelerate the execution of our strategy. The strategic and financial benefits of our mutual capabilities position us for enduring future success." "This partnership with Lincoln Financial reflects our conviction in the company's long-term strategy and the opportunity to create meaningful value through a well-capitalized, aligned growth plan," said David Gross, Co-Managing Partner at Bain Capital. "We are excited to support Lincoln in accelerating its portfolio transformation and capital allocation priorities, while leveraging Bain Capital's platform across asset classes to deliver differentiated investment capabilities and long-term scale." About Lincoln Financial Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2024, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of March 31, 2025, the company had $312 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at About Bain Capital Founded in 1984, Bain Capital is one of the world's leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit Follow @Bain Capital on LinkedIn and X (Twitter). View source version on Contacts Lincoln Financial Contacts:Tina Investor RelationsKelly Media RelationsBain Capital Contacts (Stanton):Charlyn Luskclusk@ 646-502-3549Thomas Conroytconroy@ 646-502-9006 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Wire
5 days ago
- Business
- Business Wire
Lincoln Financial and Bain Capital Announce Closing of Equity Capital Raise and Launch of Long-Term Strategic Partnership
RADNOR, Pa.--(BUSINESS WIRE)--Lincoln Financial (NYSE: LNC) and Bain Capital today shared the closing of their previously announced long-term strategic partnership agreement. The partnership was first announced by Lincoln and Bain Capital on April 9, 2025, and includes an $825 million strategic growth investment from Bain Capital, which acquired a 9.9% common equity stake on a post-issuance basis in Lincoln, and the establishment of a 10-year, non-exclusive strategic investment management relationship. Under the final terms, Lincoln issued 18,759,497 new common shares at $44.00 per share, based on a 25% premium to the 30-day volume-weighted average price as of April 8, 2025. This capital will be deployed toward Lincoln's strategic priorities—including growing spread-based earnings, advancing portfolio management and asset sourcing efforts, and optimizing the company's legacy life insurance portfolio. Additionally, the transaction provides Lincoln with the financial flexibility to accelerate progress toward its 25% leverage ratio target. 'We're incredibly pleased to launch our strategic partnership with Bain Capital, creating significant opportunities for long-term value generation with a focus on advancing Lincoln's goal of sustained profitable growth,' said Ellen Cooper, Chairman, President and Chief Executive Officer of Lincoln Financial. 'Bain Capital's powerful platform, deep cultural fit and shared values will further differentiate us competitively and enable us to accelerate the execution of our strategy. The strategic and financial benefits of our mutual capabilities position us for enduring future success.' 'This partnership with Lincoln Financial reflects our conviction in the company's long-term strategy and the opportunity to create meaningful value through a well-capitalized, aligned growth plan,' said David Gross, Co-Managing Partner at Bain Capital. 'We are excited to support Lincoln in accelerating its portfolio transformation and capital allocation priorities, while leveraging Bain Capital's platform across asset classes to deliver differentiated investment capabilities and long-term scale.' About Lincoln Financial Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2024, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of March 31, 2025, the company had $312 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at About Bain Capital Founded in 1984, Bain Capital is one of the world's leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit Follow @Bain Capital on LinkedIn and X (Twitter).
NBC Sports
5 days ago
- Business
- NBC Sports
LINCOLN FINANCIAL NAMED PRESENTING SPONSOR OF EPIC GOLFPASS DOCUSERIES CHRONICLING RENAISSANCE OF PHILADELPHIA'S HISTORIC COBBS CREEK GOLF COURSE
'Cobbs Creek Rising: Headwaters to Horizons, presented by Lincoln Financial' will Follow the Massive Renovation Project Designed to Bring Philadelphia and Golf Communities Together Part 1 of the Three-Part Series Premieres Today, Streaming Exclusively on GolfPass; Airing on GOLF Channel on Tuesday, June 17 at 7 p.m. ET Docuseries Features Interviews with Golfers, Philadelphia Community Leaders and Visionaries to Tell the Story of Rebirth ORLANDO, Fla. (June 5, 2025) – Lincoln Financial (NYSE: LNC), a trusted provider of retail life and annuity solutions and workplace benefits, today was named presenting sponsor of the epic GolfPass docuseries that will chronicle the $150 million golf renaissance that is turning a century-old public course into a destination for learning and recreation. Part 1 of 'Cobbs Creek Rising:Headwaters to Horizons, presented by Lincoln Financial,' will stream exclusively on the GolfPass website and mobile app starting today and will make its television debut on GOLF Channel on Tuesday, June 17 at 7 p.m. ET. The three-part, original GolfPass production will tell the story of how a group of Philadelphia-area visionaries, with support from founding partners like Lincoln Financial, shouldered the task of bringing one of the country's premier municipal golf courses back to its original glory while transforming the area into a dynamic education and recreation campus for the community. Earlier this year, Lincoln Financial announced its landmark partnership with the Cobbs Creek Foundation to further the advancement and development of infrastructure and programs at the Cobbs Creek Golf and Education Campus, currently under development in West Philadelphia. The partnership signifies a shared long-term commitment to the Philadelphia community, providing innovative programming, including financial literacy programs for all through Lincoln and the company's philanthropic arm, the Lincoln Financial Foundation, and access to state-of-the-art facilities at the Cobbs Creek Golf and Education Campus and the Smilow Woodland TGR Learning Lab. 'Lincoln Financial is proud to be a part of the renaissance of Philadelphia's historic Cobbs Creek Golf Course, furthering our commitment to strengthening our local communities while empowering individuals and families to pursue the financial futures they want and deserve,' said John Kennedy, Chief Distribution & Brand Officer. 'A natural extension of our partnership, we are honored to help bring this powerful docuseries to life and to be part of a transformative project that will have a lasting impact on Philadelphia and beyond.' 'Lincoln Financial is playing an integral role in the development of the new Cobbs Creek Golf and Education Campus and we're thrilled the company has signed on as the presenting sponsor of Cobbs Creek Rising: Headwaters to Horizons, presented by Lincoln Financial,' said Justin Tupper, GolfPass Senior Vice President of Content Strategy & Creative and Executive Producer of the Cobbs Creek docuseries. 'Their commitment to the community and rebuilding the Cobbs Creek legacy is inspiring and we're excited they'll be supporting our docuseries, so we can share this transformative and uplifting story with the world.' 'We are incredibly excited to see the past, present and the future of the Cobbs Creek golf course come to life in this series,' said Jeff Shanahan, President of the Cobbs Creek Foundation. 'Cobbs Creek Rising: Headwaters to Horizons, presented by Lincoln Financial is a celebration of the passion, perseverance, and community spirit that have driven our mission from the beginning. We're honored and proud to play a part in the story of Cobbs Creek golf course, and we look forward to sharing that story with the world.' When completed, Cobbs Creek is expected be one of America's most impressive and important golf venues. The docuseries will follow all the projects involved in the renovation, showcasing: The Smilow Woodland TGR Learning Lab, backed by Tiger Woods' TGR Foundation, which will supplement the education of thousands of Philadelphia youth in STEAM subjects; A short course, designed by Woods' TGR Design, a full-service golf course design firm; A split-level driving range, plus a heritage museum, community event space and restaurant; and A world-class, championship golf course. The episode also will showcase how the new Cobbs Creek will benefit the West Philadelphia community, considered by many to be the city's 'forgotten corner.' 'By providing a free place for kids and families to go, to have fun and to learn, the Smilow Woodland TGR Learning Lab will be transformational within the community,' said Meredith Foote, Executive Director of the Smilow Woodland TGR Learning Lab at Cobbs Creek. Across three episodes, GolfPass will illustrate the momentum The Cobbs Creek Foundation has gained through forging private and public partnerships like the Founding Partnership with Lincoln Financial. The Cobbs Creek project has garnered support from local individuals and families, as well as leaders in local government and in the Philadelphia business community. Part 2 of the docuseries will premiere on GolfPass in 2026, with Part 3 scheduled for early 2027. Both remaining episodes will follow further steps along the renovation path, including building and golf course architecture and design, the evolution of partnerships that will make the project a success, the stream restoration, and the big reveal of the finished project on opening day. ### GOLFPASS HELPS GOLFERS PLAY MORE AND BETTER GOLF: Developed in partnership with global golf superstar Rory McIlroy, GolfPass is the only digital golf membership that delivers exclusive content and comprehensive tee-time benefits to help every golfer – from beginner to expert – play more and better golf. GolfPass provides members numerous perks to improve their golf game, enjoy more of the sport they love, and save money on tee times. Members get exclusive tee-time benefits and discounts on GolfNow bookings, including waived fees, tee-time credits, and Tee Time Protection. Additionally, members get unlimited access to more than 4,500 instructional videos, including titles, such as Ask Rory, The Golf Fix, The Next Shot, School of Golf, and The Swing Gym, hosted by top instructors like Devan Bonebrake, Nathalie Sheehan, Martin Hall, and Chris Como, as well as golf fitness expert Don Saladino. GolfPass also offers a selection of exclusive lifestyle content, including shows like Better Off with Hally Leadbetter, Home Course Advantage, My Roots, My Daily Routine, and more. A GolfPass membership is available in North America at in the U.K. and Republic of Ireland at and in Australia at The GolfPass membership also is available via connected TV, iOS and Android apps. About Lincoln Financial Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2024, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of March 31, 2025, the company had $312 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA, Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at About Cobbs Creek Foundation The Cobbs Creek Foundation is a 501(c)3 nonprofit organization established in 2018 to restore the Cobbs Creek Golf Course and to return the site to its status as one of Philadelphia's historical landmarks. In partnership with the City of Philadelphia and local schools and community members, the Foundation's mission is to create a state-of-the-art, economically sustainable golf and educational campus that provides opportunity for the youth of Philadelphia by serving their academic, athletic, and social-emotional needs. To learn more, visit CONTACTS GolfPass: Dana Benson Lincoln Financial: Kelly Capizzi Cobbs Creek Foundation: Allison Steele asteele@
Business Wire
27-05-2025
- Business
- Business Wire
Lincoln Financial Announces Pricing Terms
RADNOR, Pa.--(BUSINESS WIRE)--Lincoln Financial (NYSE: LNC) (the 'Company') today announced the pricing terms for its previously announced cash tender offer (the 'Offer') for its: 4.375% Senior Notes due 2050 (the '2050 Notes'); 4.350% Senior Notes due 2048 (the '2048 Notes'); Capital Securities due 2067 (the '2067 Securities'); Capital Securities due 2066 (the '2066 Securities'); Subordinated Notes due 2067 (the '2067 Subordinated Notes'); Subordinated Notes due 2066 (the '2066 Subordinated Notes' and, collectively with the 2067 Securities, the 2066 Securities, and the 2067 Subordinated Notes, the 'Subordinated Securities'); 3.050% Senior Notes due 2030 (the '2030 Notes'); and 3.400% Senior Notes due 2032 (the '2032 Notes'). The 2050 Notes, the 2048 Notes, the Subordinated Securities, the 2030 Notes, and the 2032 Notes are collectively referred to herein as the 'Securities' and, each, as a 'Series' of Securities. Capitalized terms used but not defined herein shall have the meanings given to them in the Offer to Purchase, dated May 12, 2025, as amended by the Company's press release relating to the early results and upsizing of the Offer issued on May 27, 2025 (together, the 'Offer to Purchase'). Holders of the Securities that were validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on May 23, 2025 (the 'Early Tender Deadline') and are accepted for purchase will be eligible to receive the applicable Total Tender Offer Consideration, which includes the Early Tender Premium of $30 per $1,000 principal amount of such Securities. The applicable Total Tender Offer Consideration paid for Securities that were validly tendered and not validly withdrawn as of the Early Tender Deadline and are accepted for purchase was calculated in the manner below, as indicated in the Offer to Purchase: with respect to each Series of the Securities other than the Subordinated Securities, by reference to the applicable fixed spread specified on the front cover of the Offer to Purchase over the yield to maturity based on the bid-side price of the applicable Reference U.S. Treasury Security specified on the front cover of the Offer to Purchase; and with respect to the Subordinated Securities, by reference to the applicable fixed price specified on the front cover of the Offer to Purchase. All payments for the Securities purchased in connection with the Early Tender Deadline will also include accrued and unpaid interest on such Securities from the last interest payment date applicable to such Series of Securities to, but excluding, the early settlement date, which is currently expected to be May 29, 2025 (the 'Early Settlement Date'). The Total Tender Offer Consideration for each Series of the Securities other than the Subordinated Securities was calculated by TD Securities (USA) LLC, the lead dealer manager for the Offer, at 10:00 a.m., New York City time, today, May 27, 2025 (the 'Price Determination Date'). The following table sets forth (i) the pricing terms for the Offer and (ii) the aggregate principal amount of each Series of Securities that the Company has accepted for purchase: (1) Includes the Early Tender Premium of $30.00 per $1,000 principal amount of Securities for each Series (the 'Early Tender Premium'). (2) Rounded to the nearest hundredth of one percent. Because the aggregate purchase price of the Securities validly tendered and not validly withdrawn as of the Early Tender Deadline exceeds the Aggregate Offer Cap, the Securities will be accepted for purchase subject to the Acceptance Priority Levels and proration factors set forth in the table above and, in each case, as described in the Offer to Purchase. The Company will accept for purchase the aggregate principal amount of each Series of the Securities that were validly tendered and not validly withdrawn as of the Early Tender Deadline as set forth in the table above. The Securities that were validly tendered and not validly withdrawn as of the Early Tender Deadline and are accepted for purchase will be canceled by the Company on the Early Settlement Date and will no longer remain outstanding obligations of the Company. The Securities not accepted for purchase will be promptly credited to the account of the registered holder of such Securities with The Depository Trust Company and otherwise returned in accordance with the Offer to Purchase. Although the Offer is scheduled to expire at 5:00 p.m., New York City time, on June 10, 2025 (the 'Expiration Date'), the Company does not expect to accept for purchase any Securities that are tendered after the Early Tender Deadline and before the Expiration Date. The withdrawal rights for the Offer expired at 5:00 p.m., New York City time, on May 23, 2025 and have not been extended; therefore, previously tendered Securities may no longer be withdrawn, except in certain limited circumstances where additional withdrawal rights are required by law (as determined by the Company). The Company reserves the right, in its sole discretion, subject to applicable law, with respect to the Securities to: (i) waive any and all conditions to the Offer with respect to one or more Series of the Securities; (ii) extend or terminate the Offer with respect to one or more Series of the Securities or change the Acceptance Priority Level with respect to one or more Series of the Securities; (iii) increase the Aggregate Offer Cap without extending the Withdrawal Deadline or otherwise reinstating withdrawal rights; (iv) increase, decrease or eliminate the Sub-Cap at any time, including on or after the Price Determination Date; or (v) otherwise amend the Offer in any respect in relation to one or more Series of the Securities. Information Relating to the Offer TD Securities (USA) LLC is serving as the sole structuring advisor and lead dealer manager and BofA Securities, Inc., Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC, and Wells Fargo Securities, LLC are serving as dealer managers for the Offer. The tender and information agent for the Offer is Global Bondholder Services Corporation. Copies of the Offer to Purchase and related offering materials are available by contacting Global Bondholder Services Corporation at (855) 654‑2015 (toll-free) or (212) 430‑3774 (banks and brokers). Questions regarding the Offer should be directed to TD Securities (USA) LLC at (212) 827‑2806 (collect) or (866) 584‑2096 (toll-free). This press release shall not constitute an offer to sell, a solicitation to subscribe for or purchase, an offer to subscribe for or purchase, or a solicitation to sell any securities. The Offer is being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law. About Lincoln Financial Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2024, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of March 31, 2025, the company had $312 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA, Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at Cautionary Statement Regarding Forward-Looking Statements Certain statements made in this press release are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995 (the 'PSLRA'). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: 'anticipate,' 'believe,' 'estimate,' 'expect,' 'project,' 'shall,' 'will' and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to the Company's intent to purchase the Securities in the Offer, as well as statements related to the expected timing of the actions described herein. The Company claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including our ability to satisfy the conditions to, and consummate, the Offer. The risks and uncertainties included herein are not exhaustive. The Company's most recent Annual Report on Form 10-K, as well as other reports that the Company files with the Securities and Exchange Commission, include additional factors that could affect future actions and our business and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors. Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, we disclaim any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.
Yahoo
23-05-2025
- Business
- Yahoo
Lincoln Financial drafts former JPMorgan Chase executive as CTO
This story was originally published on CIO Dive. To receive daily news and insights, subscribe to our free daily CIO Dive newsletter. Lincoln Financial appointed Tom Anfuso to SVP and CTO Monday. The insurance and financial services firm will lean on Anfuso to 'provide strategic direction and vision for IT infrastructure at Lincoln,' according to the announcement. Anfuso is a longtime technology executive with a background in the financial industry. He comes to Lincoln Financial from JPMorgan Chase, where he spent four years in the CTO role before becoming managing director and head of technology integrations earlier this year, according to his LinkedIn profile. Previously, Anfuso held CIO positions at insurers Chubb and National Life Group. In the new role, Anfuso will report to EVP and CIO Jennifer Charters, who was tapped to replace retiring EVP and CIO Ken Solon in October 2024. Charters previously held the CIO position at Flagstar Bank, served as CIO of corporate technology at Ally Financial and spent more than a decade at Accenture providing technology support to insurance, financial services and telecom companies. Movement at the top of Lincoln Financial's technology team comes at an inflection point for the industry, as many of the largest firms leverage the combined power of cloud, data and AI to streamline internal processes, improve customer experience and drive growth. The industry experienced a small burst of technology executive movement among a broader flurry of technology executive appointments so far this year. Earlier this month, Unum Group tapped former Aflac EVP and CIO Shelia Anderson to lead transformation as EVP and chief information and digital officer in May. In March, The Hartford swapped CIOs and appointed a chief data, AI and operations officer amid a multiyear modernization push. The Hartford Chairman and CEO Christopher Swift touted the company's five-year track record of digital transformation during a January earnings call. Former Citigroup CIO of Services Nick Nadgauda took the helm as EVP and CIO at MetLife in March. Nadgauda's appointment came shortly after MetLife leaned on AI and digitization to drive a five-year New Frontier growth initiative last December. Lincoln Financial executives emphasized a similar focus on technology during a May 8 earnings call. 'We have taken a number of actions to increase our operational efficiency and position our enterprise for future growth, including reducing expenses while strategically investing in technology, talent and infrastructure to further elevate our customer experience and enhance our ability to scale effectively,' the company's Chairman, President and CEO Ellen Cooper said. Cooper pointed to Lincoln Financial's technology modernization and innovation efforts in an October announcement of Charters' CIO appointment. 'We look forward to Jen's leadership as we strategically deploy customer-centric technology to meet the evolving needs of the people we serve and enhance the ways we deliver our products, solutions and capabilities to the market,' Cooper said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
