Humana Prices $1.1 Billion Debt Offering

Humana Inc. (the “company”) (NYSE: HUM) announced today that it has priced a public offering of $1.1 billion in senior notes. These senior notes are comprised of $600 million of the company’s 4.500 percent senior notes, due 2025, at 99.875 percent of the principal amount and $500 million of the company’s 4.875 percent senior notes, due 2030, at 99.788 percent of the principal amount (collectively, “Senior Notes Offerings”). The Senior Notes Offerings are expected to close on March 26, 2020, subject to the satisfaction of customary closing conditions.

The company expects net proceeds from the Senior Notes Offerings will be approximately $1.088 billion, after deducting underwriters’ discounts and estimated offering expenses. The company intends to use the net proceeds from this offering for general corporate purposes, which may include the repayment of existing indebtedness.

BofA Securities, Inc., Goldman Sachs & Co LLC, and J.P. Morgan Securities LLC are acting as active joint book-running managers for the Senior Notes Offerings.

The Senior Notes Offerings are being made pursuant to an effective shelf registration statement (including a base prospectus) filed with the Securities and Exchange Commission (the “SEC”). The Senior Notes Offerings may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained by contacting BofA Securities, Inc. at [e-mail] or toll-free at 1-800-294-1322, or by calling Goldman Sachs & Co LLC. toll-free at 866-471-2526 or by calling J.P. Morgan Securities LLC collect at 212-834-4533. An electronic copy of the registration statement and prospectus supplement, together with the base prospectus, is available on the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Cautionary Statement

This news release includes forward-looking statements regarding Humana within the meaning of the Private Securities Litigation Reform Act of 1995. When used in investor presentations, press releases, Securities and Exchange Commission (SEC) filings, and in oral statements made by or with the approval of one of Humana’s executive officers, the words or phrases like “expects,” “believes,” “anticipates,” “intends,” “likely will result,” “estimates,” “projects” or variations of such words and similar expressions are intended to identify such forward-looking statements.