Humana Inc. has priced public offerings of $500 million of its 3.125% senior notes due 2029 and $500 million of its 3.950% senior notes due 2049.
The offerings are expected to close Aug. 15. Interest will be paid Feb. 15 and Aug. 15 of each year, starting Feb. 15, 2020.
The company expects net proceeds of approximately $990 million, after deducting underwriters' discounts and estimated offering expenses. The net proceeds will be used with available cash to repay $400 million of the company's 2.625% senior notes due Oct. 1, 2019, and repay the $650 million outstanding balance under its term note.
BofA Securities Inc., Barclays Capital Inc. and Wells Fargo Securities LLC are the active joint book-running managers for the offerings.