secwatch.observer — SEC 8-K summary
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Issuer:     HUMANA INC (HUM)
CIK:        0000049071
Form:       8-K
Filed at:   2026-05-19T20:30:11+00:00
Accession:  0000049071-26-000025
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/49071/000004907126000025/0000049071-26-000025-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/49071/000004907126000025/hum-20260515.htm
  HTML page:      https://secwatch.observer/filing/0000049071-26-000025

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