Humana issues $1.5B in P-Caps via two trusts, gains option to issue senior notes up to $1.5B

HUMANA INC

Horseshoe Funding Trust I issued 750,000 P-Caps ($750M) for 6.062% Senior Notes due 2036; Trust II issued 750,000 P-Caps ($750M) for 6.887% Senior Notes due 2055.
Company may draw up to $750M per trust over 10-year (2036) or 30-year (2055) period, paying facility fees of 1.661% and 1.916% per annum on unused portion.
Full mandatory exercise of issuance rights triggered if Humana's consolidated net worth drops below $4.0 billion or upon certain defaults/change-of-control events.
Change-of-control triggers require Trusts to repurchase P-Caps at 101% and Humana to repurchase Senior Notes at 101% plus accrued interest.
Proceeds from P-Caps invested in U.S. Treasury strips; P-Caps mandatorily redeemable at maturity (2036 or 2055) or earlier upon redemption of Senior Notes.

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