Company: HUM
Filing Date: 2025-03-28
Form Type: 424B5
Source: 0001628280-25-015313
Chunk: 11

Company: HUMANA INC
Filing Date: 2025-03-28
Form: 424B5
Chunk 11
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 creditors of those subsidiaries will have their debt satisfied out of the subsidiaries’ assets before our creditors, including the noteholders. Because our operations are and will be conducted by our subsidiaries, these subsidiaries have incurred and will continue to incur significant obligations and liabilities.

We May Not Have the Ability to Raise the Funds Necessary to Finance the Offer to Repurchase the Notes Upon a Change of Control Triggering Event.

Upon the occurrence of a Change of Control Triggering Event with respect to the additional 2031 notes offered hereby, we will be required to offer to repurchase all of the outstanding notes at the purchase price described in this prospectus supplement. See “Description of the Notes—Offer to Repurchase Upon Change of Control Triggering Event.” There are similar change of control provisions in each of our currently outstanding series of senior notes. We cannot assure you that we will have sufficient funds available upon a Change of Control Triggering Event to make any required repurchases of the additional 2031 notes offered hereby, or the other series of senior notes having similar Change of Control provisions. In addition, the Change of Control that triggers the Change of Control Triggering Event may also result in a default under our credit facilities. Any failure to purchase tendered notes would constitute a default under the indenture and the supplemental indenture governing the notes and under each other series of notes that has similar Change of Control provisions. A default could result in the declaration of the principal and interest on all the notes and our other indebtedness to be due and payable. The terms “Change of Control” and “Change of Control Triggering Event” are defined under the section entitled “Description of the Notes” in this prospectus supplement.

Liquid Trading Markets for the Notes May Not Be Maintained.

The additional 2031 notes will become part of the same series as the existing 2031 notes. There may cease to be a market for the notes. We have not applied and do not intend to apply for listing of the notes on any securities exchange or for quotation through any automated dealer quotation system. Although the underwriters have informed us that they presently make a market and intend to continue to make a market for the notes, they have no obligation to do so and may discontinue making a market at any time without notice. The liquidity of any market for the notes will depend on the number of holders of the notes, our performance, the market for similar securities, the interest of securities dealers in making a market in the notes and other factors. We cannot assure you that there will be a liquid