CNC · 10-Q · 2026Q1 · Full report

Receivable Purchase Agreement

CENTENE CORP · 2026-04-28 · Importance 53 · Surprise 60

In February 2026 Centene entered into a master receivable purchase agreement to offer up to the full amount of its 2025 plan year stand‑alone Part D risk‑sharing programs receivable to a purchaser, with the purchaser not obligated to accept any offer.,The purchase price for each purchased portion is the net estimated invoice amount minus a discount determined by reference to SOFR plus a spread, and Centene acts as servicer for transferred receivables; the maximum outstanding purchase amount permitted is $4.25 billion.,In March 2026 Centene sold a participating interest of $1.0 billion of 2025 plan year Part D receivables and received net cash proceeds of $970 million, recording a pre‑tax loss on sale of receivables of $30 million; as of March 31, 2026 there were $3.0 billion of eligible receivables outstanding and $3.25 billion remaining under the agreement.

Key facts

• In February 2026 Centene entered into a master receivable purchase agreement that permits offering up to $4.25 billion of 2025 plan year stand-alone Part D risk-sharing programs receivables to a purchaser.
• As of March 31, 2026, the remaining outstanding purchase amount permitted under the February 2026 Receivable Purchase Agreement was $3.25 billion.
• As of March 31, 2026, there were $3.0 billion of 2025 plan year stand-alone Part D risk-sharing programs receivables outstanding eligible for the February 2026 Receivable Purchase Agreement.
• The purchaser under the February 2026 Receivable Purchase Agreement is not obligated to purchase receivables unless it elects to accept a purchase request; purchase price equals net estimated invoice amount minus a discount determined by SOFR plus a spread.
• The company acted as servicer for the transferred receivables under the February 2026 Receivable Purchase Agreement.