Corporate financing News & Analysis
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Axon (AXON) Prices $1B Zero-Coupon Notes Due September 2031
On September 16, Axon Enterprise, Inc. (NASDAQ: AXON) priced $1 billion of 0% convertible senior notes maturing on September 15, 2031. Underwriters may purchase an additional $150 million to cover over-allotments. After underwriting discounts and estimated expenses, Axon expects to receive approximately $886.1 million for corporate purposes, including potential acquisitions. The financing preserves cash by eliminating regular interest payments, which can assist in funding investments until new products generate returns. This approach provides Axon flexibility in managing its capital and liquidity as it plans for future growth.
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Lincoln National Corporation (LNC) Issues $500 Million in Notes
Lincoln National Corporation (LNC) entered an underwriting agreement on June 24, 2026, to issue $500 million in subordinated notes. The notes, maturing on July 15, 2056, have a fixed interest rate of 6.800%, reset every five years post-2036 based on the 5-year US Treasury yield plus 2.400%. Priced at face value, they were sold at a 1% discount to the underwriting group and are unsecured, ranking below senior debt. LNC plans to use proceeds for general purposes, potentially including redeeming higher-cost preferred stock, adjusting its capital structure.
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