CNC · 10-Q · 2026Q1 · Full report

Part D receivable purchase program

CENTENE CORP · 2026-04-28 · Importance 65 · Surprise 60

In February 2026 Centene entered into a master receivable purchase agreement permitting the company to offer up to the full amount of its 2025 plan year stand‑alone Part D risk‑sharing programs receivable for sale, with purchase pricing based on estimated invoice amounts discounted by SOFR plus a spread. The maximum outstanding purchase amount permitted under the agreement is $4.25 billion and Centene acts as servicer for transferred receivables. During March 2026 Centene sold a participating interest of $1.0 billion of 2025 PDP receivables and received net cash proceeds of $970 million, recording a $30 million pre‑tax loss on sale included in SG&A; as of March 31, 2026 there were $3.0 billion of eligible receivables outstanding and $3.25 billion of remaining purchase capacity. Centene used proceeds from the sale for the partial redemption of Senior Notes due December 15, 2027.