The U.S. Treasury Department could soon free Lincoln National Corp. from the smothering embrace of the Troubled Asset Relief Program (TARP).
The department is moving ahead with previously announced plans to sell warrant positions in Lincoln, Radnor, Pa. (NYSE:LNC).
The departant plans to make a secondary public offering of about 13 million warrants to buy Lincoln common stock and keep the proceeds from the warrant sale.
The offering is set to start at 8 a.m. EDT Thursday and close at 6:30 p.m. The minimum bid price is $13.50 per warrant.
Lincoln sold preferred stock and warrants to the Treasury Department through a private placement made under the Capital Purchase Program, an arm of TARP. Lincoln already has bought back the Lincoln preferred stock that the government held.
The prospectus includes notices describing who the Treasury Department will and will not sell to aimed at investors in jurisdictions such as the United Kingdom, Singapore and the United Arab Emires.