Humana Prices $1.0 Billion Fixed-to-Fixed Rate Junior Subordinated Notes Offering

The company expects net proceeds of approximately $986 million to be used for general corporate purposes.

Published on Mar. 6, 2026

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Humana Inc. has priced a public offering of $1.0 billion in aggregate principal amount of fixed-to-fixed rate junior subordinated notes due 2056. The offering is expected to close on March 9, 2026, subject to customary closing conditions. Humana plans to use the net proceeds for general corporate purposes, which may include the repayment of existing indebtedness.

Why it matters

This debt offering will provide Humana with additional capital to support its ongoing business operations and strategic initiatives, including potential acquisitions or investments. As a major healthcare company, Humana's financial health and access to capital markets are important for its ability to serve its customers and compete in the evolving healthcare industry.

The details

The junior subordinated notes were priced at 100.000 percent of the principal amount. Humana expects to receive approximately $986 million in net proceeds after deducting underwriters' discounts and estimated offering expenses. Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC are acting as active joint book-running managers for the offering.

  • The junior subordinated notes offering is expected to close on March 9, 2026.

The players

Humana Inc.

A major healthcare company that provides insurance services and operates healthcare facilities.

Goldman Sachs & Co. LLC

One of the active joint book-running managers for Humana's junior subordinated notes offering.

J.P. Morgan Securities LLC

One of the active joint book-running managers for Humana's junior subordinated notes offering.

Mizuho Securities USA LLC

One of the active joint book-running managers for Humana's junior subordinated notes offering.

Truist Securities, Inc.

One of the active joint book-running managers for Humana's junior subordinated notes offering.

Wells Fargo Securities, LLC

One of the active joint book-running managers for Humana's junior subordinated notes offering.

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The takeaway

Humana's $1.0 billion debt offering demonstrates the company's ability to access capital markets to fund its ongoing operations and strategic initiatives, which is crucial for a major healthcare provider to remain competitive and serve its customers effectively.