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Humana Commences Offers to Purchase for Cash Certain of its Outstanding Debt Securities

HUM
  • Humana Inc. commenced cash tender offers to purchase outstanding senior notes as of November 9, 2026.
  • The total aggregate purchase price is capped at $1.5 billion, excluding accrued coupon payments, subject to proration & acceptance priority.
  • A specific $800 million Series Cap applies to the 5.375% Senior Notes due 2031, limiting purchases to that amount.
  • Eight series of senior notes are eligible for purchase, prioritized by Acceptance Priority Levels 1 through 8, with Level 1 (2.150% Notes due 2032) having highest priority.
  • Total consideration per $1,000 principal will be calculated based on a Fixed Spread plus the Reference Yield of applicable Reference Securities as of 3:00 p.m. on November 16, 2026.
  • Holders will receive accrued & unpaid interest (Accrued Coupon Payment) in addition to the Total Consideration for accepted notes.
  • The Offers expire on November 16, 2026, at 5:00 p.m. New York City time, with the Settlement Date expected to be November 18, 2026.
  • Barclays Capital Inc., BofA Securities Inc., PNC Capital Markets LLC, & U.S. Bancorp Investments Inc. act as Dealer Managers for the offers.
  • D.F. King & Co., Inc. serves as the Tender & Information Agent for the transaction.
  • Tenders may be withdrawn at any time prior to the 5:00 p.m. expiration deadline on November 16, 2026.
  • The Offers are not contingent upon the tender of any minimum aggregate principal amount or the consummation of other offers.