Centene Corporation Enters Into New $6 Billion Credit Agreement
St. Louis, Missouri – March 5, 2025 – Centene Corporation (NYSE: CNC), a leading multinational healthcare enterprise, announced today that it has entered into a new $6 billion credit agreement (the New Credit Agreement) with Wells Fargo Bank, National Association as administrative agent, and a syndicate of lenders. This agreement replaces the Fourth Amended and Restated Credit Agreement from August 16, 2021, which has now been terminated.

Key Terms of the New Credit Agreement
The New Credit Agreement consists of:

$4 billion revolving credit facility
$2 billion term loan facility
Maturity Date: March 5, 2030
Loans can be denominated in various currencies, including U.S. dollars, Euros, Sterling, Swiss Francs, Yen, Australian dollars, and Canadian dollars
Interest rates are determined based on benchmark rates applicable to the currency borrowed, plus an applicable margin tied to Centene’s credit rating from S&P and Moody’s
Debt Covenant and Usage of Proceeds
Debt-to-capital ratio must not exceed 0.60 to 1.00, with a temporary increase to 0.65 to 1.00 allowed for a limited time following a material acquisition
Centene used an initial drawing from the Term Loan Facility to:
Refinance existing indebtedness, including obligations under the previous credit agreement
Fund general corporate purposes and working capital needs
Pay transaction-related fees
Additional Terms and Conditions
Prepayments & Reductions: Voluntary prepayments and reductions of unused commitments are permitted without penalty
Events of Default: The credit facility is subject to acceleration upon certain events, including:
Cross-defaults on Centene’s debts exceeding $500 million
Judgments/orders of $500 million or more that are unpaid or unstayed
Change in control of Centene
Failure to make payments when due
Bankruptcy or insolvency events
The New Credit Agreement strengthens Centene’s financial flexibility, providing enhanced liquidity and strategic funding capacity as the company continues its growth and operational improvements.

About Centene Corporation
Centene Corporation (NYSE: CNC) is a leading healthcare enterprise that provides government-sponsored healthcare programs focusing on underinsured and uninsured individuals. It offers a diverse portfolio of services including Medicaid, Medicare, and Health Insurance Marketplace coverage.