Lincoln National Corp., the Radnor-based life insurance, annuity and mutual fund (Delaware Group) sales company that pays $6.7 million a year for naming rights to the Eagles stadium in South Philadelphia, says it's going to raise $2 billion to shore up its depleted capital reserves. Lincoln plans to:

1) Sell up to $690 million in common stock via JPMorgan Securities, Bank of America's Merrill Lynch and others.

2) Borrow up to $500 million in senior debt

3) Finance $950 million in preferred stock sales to federal taxpayers through the U.S. Treasury's Capital Purchase Program (formerly known as TARP). "The company plans to repay this financing as soon as possible..." The amount could be adjusted between now and June 30.

UPDATE: Lincoln's raising another $317 million (US) in its sale of its remaining British operations to Sun Life Financial Inc. of Toronto, whose president, Jon R. Boscia, is ex-CEO of Lincoln. (Nothing to date on the possible sale of Lincoln's Philadelphia-based Delaware mutual funds group.) Release here, short Reuters story here.

EARLIER: What to do with the money? "Lincoln currently intends to contribute approximately $1 billion of the proceeds to its principal insurance subsidiary, The Lincoln National Life Insurance Company, with the remaining $1 billion held at the holding company for general corporate purposes, including the repayment of short-term debt and investment in the company's core businesses," Lincoln says in this statement. Detailed prospectus here.

"These actions supplement dividend reductions, cost cuts, and other actions previously taken to strengthen the company's capital and liquidity, and solidify the company's capital positions at both the subsidiary and holding company levels."