An insurer cheered investors today by saying it will make a $500 million debt payment on time.
Lincoln National Corp., Philadelphia, says it will pay a $500 million debt maturity in full and on schedule on April 6, using its own cash.
Linoln also has $375 million of commercial paper outstanding under the Commercial Paper Funding Facility authorized by the Federal Reserve Board and scheduled to mature in May; and it can repay that with its own cash, Lincoln says.
"While Lincoln fully expects to be able to continue to issue commercial paper, the company has adequate internal cash resources and a $1 billion line of credit should the markets limit its ability to do so," the company says.
Lincoln notes that it has withdrawn an application to participate in the government's Temporary Liquidity Guarantee Program, but it says that it may still be able to participate in the Troubled Asset Relief Program.
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