AI English summary of an SEC filing — figures as filed
Centene CNCCentene entered into a new credit agreement with Wells Fargo Bank, National Association, as administrative agent, effective March 5, 2025. The facility provides a revolving credit facility of $4,000,000,000 and a term loan facility of $2,000,000,000, with a maturity date of March 5, 2030.
Key points
AI summaryCentene entered into a new credit agreement with Wells Fargo Bank, National Association, as administrative agent, effective March 5, 2025. The facility provides a revolving credit facility of $4,000,000,000 and a term loan facility of $2,000,000,000, with a maturity date of March 5, 2030.
The company said it terminated all outstanding commitments and repaid all outstanding obligations under its Fourth Amended and Restated Credit Agreement substantially contemporaneously with entering into the new credit agreement, which was effective August 16, 2021.
The company said it made a single drawing under the term loan facility on the effective date. It said it used the proceeds to refinance existing indebtedness, including under the existing credit agreement, pay fees and expenses related to the transactions, and for working capital and other general corporate purposes.
The company said its debt-to-capital ratio, tested quarterly, may not exceed 0.60 to 1.00, and that it may step up to 0.65 to 1.00 during certain specified periods following a material acquisition, at its election. It also said cross-default on indebtedness of Centene or its significant subsidiaries above $500 million in the aggregate is an event of default.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
New credit agreement: $4,000,000,000 revolver, $2,000,000,000 term loan
Centene entered into a new credit agreement with Wells Fargo Bank, National Association, as administrative agent, effective March 5, 2025. The facility provides a revolving credit facility of $4,000,000,000 and a term loan facility of $2,000,000,000, with a maturity date of March 5, 2030.
Source · Based on the filing body and exhibits
Termination and repayment of existing Fourth Amended and Restated Credit Agreement
The company said it terminated all outstanding commitments and repaid all outstanding obligations under its Fourth Amended and Restated Credit Agreement substantially contemporaneously with entering into the new credit agreement, which was effective August 16, 2021.
Source · Based on the filing body and exhibits
Single term loan drawing and use of proceeds
The company said it made a single drawing under the term loan facility on the effective date. It said it used the proceeds to refinance existing indebtedness, including under the existing credit agreement, pay fees and expenses related to the transactions, and for working capital and other general corporate purposes.
Source · Based on the filing body and exhibits
Debt-to-capital financial covenant and events of default
The company said its debt-to-capital ratio, tested quarterly, may not exceed 0.60 to 1.00, and that it may step up to 0.65 to 1.00 during certain specified periods following a material acquisition, at its election. It also said cross-default on indebtedness of Centene or its significant subsidiaries above $500 million in the aggregate is an event of default.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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