Stock Offerings: Lincoln National

NEW YORK (TheStreet) -- Lincoln National (LNC) shares were unchanged Tuesday after the insurer priced an offering of common stock at a discount to the previous session's closing price.

Lincoln National priced an offering of approximately 12.29 million shares of common stock at $27.25 per share, below Monday's closing price of $27.41. The offering is part of the insurer's move to repurchase $950 million of preferred shares issued under the Treasury's Capital Purchase Program.

Lincoln National said Monday it will offer $335 million of common stock and up to $750 million of senior notes to fully repurchase the $950 million of Lincoln Financial's preferred shares issued to the U.S. Treasury.

Lincoln National shares were lately up 3 cents to $27.44 on above-average share volume. More than 6.38 million shares changed hands, compared with the average daily share volume of 5.5 million.

Elsewhere, CNB Financial (CCNE) priced an offering of 2.93 million shares of common stock offering at $10.25 per share. Underwriters have a 30-day option to purchase up to an additional 439,024 shares to cover overallotments, if any.

CNB Financial said net proceeds from this offering for general corporate purposes, which may include expansion of its business, investments in its subsidiary bank as regulatory capital to fund growth, financing of possible acquisitions in the banking and financial services industry, and refinancing, reduction or repayment of debt and investments at the holding company level.

CNB Financial shares were climbing 2.1% to $10.87.

FelCor Lodging Trust (FCH) shares dropped 5.6% to $6.07 after the company announced plans to offering 25 million shares of its common stock.

FelCor said it intends to use the net proceeds from the offering, together with cash on hand, to repay or repurchase certain of its mortgage debt at substantial discounts or for acquisition opportunities.

General Maritime (GMR) shares also fell after the company filed Monday for an offering of 25.5 million shares of common stock. Net proceeds from the offering to fund a portion of the purchase price for its previously announced acquisition of seven tankers, the company said.

General Maritime shares were lately down 7.2% to $7.24.