Humana Inc. announced on November 9, 2026, that it has commenced cash tender offers to purchase the outstanding notes listed below. The company intends to purchase these securities for a total consideration, excluding accrued interest, of up to $1.5 billion, subject to the terms and conditions outlined in the Offer to Purchase.
The tender offer includes eight series of Senior Notes with varying interest rates and maturity dates. The notes are offered in the following order of acceptance priority:
- 2.150% Senior Notes due 2032 ($487.85 million outstanding)
- 3.125% Senior Notes due 2029 ($339.62 million outstanding)
- 3.700% Senior Notes due 2029 ($528.56 million outstanding)
- 4.875% Senior Notes due 2030 ($500.00 million outstanding)
- 1.350% Senior Notes due 2027 ($520.49 million outstanding)
- 3.950% Senior Notes due 2027 ($429.28 million outstanding)
- 5.375% Senior Notes due 2031 ($1.5 billion outstanding)
- 5.750% Senior Notes due 2028 ($493.42 million outstanding)
The purchase price for each series of notes will be determined based on a fixed spread plus the reference yield of a U.S. Treasury security as of 3:00 p.m. on November 16, 2026. Holders whose notes are accepted will also receive accrued interest from the last payment date to the settlement date.
The offers are scheduled to expire at 5:00 p.m. on November 16, 2026, unless extended. Tenders may be withdrawn at any time prior to this expiration date. Humana has appointed Barclays Capital Inc., BofA Securities Inc., PNC Capital Markets LLC, and U.S. Bancorp Investments Inc. as dealer managers, and D.F. King & Co. Inc. as the tender and information agent.
