The Treasury Department expects proceeds of about $213.7 million from the sale of warrants to purchase Lincoln National Corp. ($24.99 -0.8%) shares.

In a press release Friday, the Treasury said it priced about 13 million warrants at $16.60 per warrant through a modified Dutch auction led by Deutsche Bank Securities with C.L. King & Associates and The Williams Capital Group as co-managers.

The sale is expected to close next week.

The Treasury received the warrants last year when it extended $950 million in funding to the Philadelphia life insurance company under the Troubled Asset Relief Program.

Write to Jason Philyaw.