Company: HUM
Filing Date: 2025-03-03
Form Type: 424B5
Source: 0001628280-25-009237
Chunk: 7

Company: HUMANA INC
Filing Date: 2025-03-03
Form: 424B5
Chunk 7
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 approval. Accordingly, since the premiums earned by these subsidiaries account for substantially all of our total revenues, we cannot guarantee that sufficient funds will be available to us to pay interest on or the principal of the notes. In addition, in the event of our bankruptcy, liquidation or any similar proceeding, holders of notes will be entitled to payment only after the holders of any indebtedness and other liabilities of our subsidiaries have been paid or provided for by these subsidiaries, including the claims of our members. In addition, the indenture and the respective supplemental indentures under which each series of notes will be issued do not restrict us or our subsidiaries from incurring additional indebtedness.

We Have Financial and Operating Restrictions in Our Debt Instruments That May Have an Adverse Effect on Our Operations.

Agreements governing our existing indebtedness contain covenants that limit our ability to incur additional indebtedness, to create liens or other encumbrances, and to sell or otherwise dispose of assets and merge or consolidate with other entities. The loan agreements governing our (i) $2.642 billion revolving credit facility (the “Revolving Credit Facility”), which we amended and restated in June 2023 and further amended in May 2024 and (ii) $2.1 billion 364-day revolving credit facility (the “364-day Credit Facility”), which we entered into in May 2024, also require us to meet a debt-to-capitalization ratio. As of December 31, 2024, after giving effect to this offering and the use of proceeds therefrom, we would have had the ability to incur up to approximately $2.624 billion under our Revolving Credit Facility and $2.1 billion under our 364-day Credit Facility (which excludes an uncommitted $500 million of incremental loan facilities). Agreements we enter into in the future governing indebtedness could also contain significant financial and operating restrictions.

A failure to comply with the obligations contained in our current or future credit facilities or indentures could result in an event of default or an acceleration of debt under other instruments that may contain cross-acceleration or cross-default provisions. We cannot be certain that we would have, or be able to obtain, sufficient funds to make these accelerated payments.

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The Notes Will Be Unsecured Obligations and Will Be Structurally Subordinated to the Obligations of Our Subsidiaries.

The notes will not be secured by any of our assets and will be effectively subordinated to any of our