Evolent Health Prices $350M 3.50% Convertible Senior Notes Due 2029 To Pay Down Senior Term Loan
Portfolio Pulse from Benzinga Newsdesk
Evolent Health has priced $350 million in 3.50% convertible senior notes due in 2029. The proceeds will be used to pay down its senior term loan. Interest on the notes will be paid semiannually, starting June 1, 2024, and the notes will mature on December 1, 2029, unless they are repurchased, redeemed, or converted earlier.

December 06, 2023 | 7:42 am
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Evolent Health's new issuance of $350M in convertible notes at 3.50% due 2029 aims to improve its debt profile by paying down its senior term loan.
The issuance of convertible notes is typically seen as a positive step towards debt management and financial flexibility. By using the proceeds to pay down more expensive senior term loan debt, Evolent Health is likely improving its interest expense and balance sheet. This could be viewed favorably by investors in the short term, potentially leading to a positive impact on the stock price.
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