secwatch / observer
8-K filed May 19, 2026, 4:30 PM ET ticker HUM CIK 0000049071
debt confidence high sentiment neutral materiality 0.60

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

HUMANA INC

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HUMANA INC entered into trust expense reimbursement agreements with Horseshoe Funding Trust I, Horseshoe Funding Trust II (effective 2026-05-15).

Action
entry
Counterparty
Horseshoe Funding Trust I, Horseshoe Funding Trust II
Effective
2026-05-15
Exact text from the filing
The Company also entered into separate trust expense reimbursement agreements with each Trust. An Issuance Right will be exercised automatically in full upon certain payment defaults under the applicable Facility Agreement or trust expense reimbursement agreement, or upon certain bankruptcy events involving the Company.
View on SEC.gov
Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HUMANA INC entered into Facility Agreements with Horseshoe Funding Trust I, Horseshoe Funding Trust II, The Bank of New York Mellon Trust Company, N.A., as trustee valued at up to $750,000,000 aggregate principal amount of the applicable Senior Notes (effective 2026-05-15).

Action
entry
Agreement
credit facility
Counterparty
Horseshoe Funding Trust I, Horseshoe Funding Trust II, The Bank of New York Mellon Trust Company, N.A., as trustee
Value
up to $750,000,000 aggregate principal amount of the applicable Senior Notes
Effective
2026-05-15
Exact text from the filing
On the Closing Date, the Company also entered into separate facility agreements (each, a “Facility Agreement”) with each Trust and The Bank of New York Mellon Trust Company, N.A., as trustee for the Senior Notes (the “Trustee”). Under the Facility Agreements, each Trust granted the Company the right to require such Trust to purchase, on one or more occasions, up to $750,000,000 aggregate principal amount of the applicable Senior Notes
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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HUMANA INC entered into Purchase Agreements with Goldman Sachs & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC, as representatives of the several initial purchasers valued at $750,000,000 per Trust (effective 2026-05-05).

Action
entry
Counterparty
Goldman Sachs & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC, as representatives of the several initial purchasers
Value
$750,000,000 per Trust
Effective
2026-05-05
Exact text from the filing
On May 15, 2026 (the “Closing Date”), pursuant to separate Purchase Agreements, dated May 5, 2026, among Humana Inc. (the “Company”), Goldman Sachs & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC, as representatives of the several initial purchasers, and Horseshoe Funding Trust I (the “2036 Trust”) and Horseshoe Funding Trust II (the “2055 Trust” and, together with the 2036 Trust, the “Trusts”), the 2036 Trust and the 2055 Trust each completed the issuance and sale of 750,000 Pre-Capitalized Trust Securities (the “2036 P-Caps” and the “2055 P-Caps,” respectively, and together, the “P-Caps”) for an aggregate purchase price of $750,000,000 per Trust
View on SEC.gov

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HUMANA INC filing history →

Source: SEC EDGAR
accession 0000049071-26-000025
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