$HUM · HUMANA INC
Humana filed an 8-K announcing cash tender offers for eight series of outstanding senior notes, with a $1.5B aggregate purchase price cap (Tender Cap) and an $800M Series Cap on the 5.375% notes due 2031. The offers cover notes maturing 2027 through 2032, with acceptance priority levels 1-8. Pricing is based on fixed spreads over reference Treasury yields set on November 16, 2026, with settlement expected November 18, 2026.
- Tender Cap is $1.5B aggregate purchase price, excluding accrued coupon payments.
- The 5.375% notes due 2031 carry an $800M Series Cap, the only series with a sub-cap.
- Eight note series are targeted, maturing from 2027 through 2032.
- Offers expire November 16, 2026 at 5:00 p.m. ET; settlement expected November 18, 2026.
- Dealer managers are Barclays, BofA Securities, PNC Capital Markets, and U.S. Bancorp Investments.
Extended-hours last trade $425.97, up 0.65% vs regular close; the debt tender is a routine liability-management move with minimal equity impact.
A $1.5B debt tender signals active balance-sheet management but is routine refinancing activity with limited equity impact.
_Not applicable._
Offers are subject to conditions and may be terminated or altered; Humana may increase or decrease the Tender Cap and Series Cap at its discretion.