Humana launches $1.5B cash tender for eight note series; $800M cap on 5.375% 2031 notes

HUMANA INC

Tender cap is $1.5B aggregate purchase price, excluding accrued coupon; eight series range from 1.350% notes due 2027 to 2.150% notes due 2032.
Series cap: only $800M principal of the $1.5B outstanding 5.375% Senior Notes due 2031 will be accepted; those notes rank 7th in acceptance priority.
Offers expire 5:00 p.m. New York time Nov. 16, 2026; price determination at 3:00 p.m. that day; settlement expected Nov. 18, 2026.
Dealer managers: Barclays, BofA Securities, PNC Capital Markets and U.S. Bancorp Investments; D.F. King is tender and information agent.
Humana may increase or decrease the tender cap or series cap; the offers are not contingent on any minimum principal amount being tendered.

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