FWP 1 brhc10020077_fwp.htm FWP

Issuer Free Writing Prospectus dated February 10, 2021
Filed pursuant to Rule 433(d)
Registration Statement No. 333-238050

2.50% Senior Notes due 2031

February 10, 2021
This Pricing Term Sheet dated February 10, 2021 to the Preliminary Prospectus Supplement (the “Preliminary Prospectus Supplement”) dated February 10, 2021 of Centene Corporation (the “Issuer”) is qualified in its entirety by reference to the Preliminary Prospectus Supplement. The information in this Pricing Term Sheet supplements the Preliminary Prospectus Supplement and supersedes the information in the Preliminary Prospectus Supplement to the extent it is inconsistent with the information in the Preliminary Prospectus Supplement. Capitalized terms used but not defined in this Pricing Term Sheet have the meanings assigned to such terms in the Preliminary Prospectus Supplement.
Centene Corporation
SEC Registered Offering
Security Description:
2.50% Senior Notes due 2031
Aggregate Principal Amount:
Gross Proceeds:
March 1, 2031
Yield to Maturity:
Offering Price:
100.00% of principal amount
Interest Payment Dates:
March 1 and September 1, commencing September 1, 2021
Record Dates:
February 15 and August 15
Optional Redemption:
Make-Whole Call:
Prior to December 1, 2030 (3 months prior to the maturity date), at greater of par and make-whole at discount rate equal to the Treasury Rate plus 50 basis points, plus accrued and unpaid interest
Par Call:
On or after December 1, 2030 (3 months prior to the maturity date), at par, plus accrued and unpaid interest
Change of Control:
Putable at 101% of aggregate principal amount plus accrued and unpaid interest
Trade Date:
February 10, 2021
Expected Settlement Date:*
(T+4); February 17, 2021
Use of Proceeds:
The Issuer intends to use the net proceeds from the offering, together with cash on hand, to fund the purchase price of its offer (the “Tender Offer”) to purchase for cash any and all of the $2,200,000,000 outstanding aggregate principal amount of its 4.75% Senior Notes due 2025 (the “4.75% 2025 Notes”) and to redeem any 4.75% 2025 Notes that remain outstanding following the Tender Offer (the “2025 Notes Redemption”), including all premiums, accrued interest and expenses related to the Tender Offer and the 2025 Notes Redemption. Pending the application of the net proceeds of the offering for the foregoing purposes, net proceeds may be temporarily used for general corporate purposes.
15135BAX9 / US15135BAX91
Issue Ratings (Moody’s/S&P/Fitch):**
Ba1 / BBB- / BB+
Denominations/ Multiple:
Denominations of $2,000 and integral multiples of $1,000 in excess thereof

Joint Active Bookrunning Managers:
BofA Securities, Inc.
Barclays Capital Inc.
Joint Bookrunning Managers:
J.P. Morgan Securities LLC
Truist Securities, Inc.
Wells Fargo Securities, LLC
Fifth Third Securities, Inc.
Regions Securities LLC
U.S. Bancorp Investments, Inc.
MUFG Securities Americas Inc.
BMO Capital Markets Corp.
PNC Capital Markets LLC
CIBC World Markets Corp.
Stifel, Nicolaus & Company, Incorporated

*The Issuer expects that delivery of the notes will be made to investors on or about the fourth business day following the date of confirmation of orders with respect to the notes (this settlement cycle being referred to as “T+4”). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to the delivery of the notes hereunder will be required, by virtue of the fact that the notes initially will settle T+4, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes prior to their date of delivery hereunder should consult their own advisors.
**Note:  A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The Issuer has filed a registration statement (including a prospectus) and a prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and prospectus supplement in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the prospectus supplement if you request them from BofA Securities, by calling toll free 1‐800‐294‐1322 or by email at: dg.prospectus_requests@bofa.com; from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at Barclaysprospectus@broadridge.com, or by calling (888) 603-5847; from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling +1 (866) 803-9204; from Truist Securities, by email at joshua.t.jones@truist.com; and from Wells Fargo Securities, LLC, 550 S. Tryon Street, 5th Floor, Charlotte, North Carolina 28202, Attention: Leveraged Syndicate.
This Pricing Term Sheet does not constitute an offer to sell, or a solicitation of an offer to buy any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.
Any legends, disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of this communication having been sent via Bloomberg or another system.