Elevance Health nets $2,972.7M from notes

Rhea-AI Filing Summary

Elevance Health, Inc. completed a registered public offering of $750 million 4.000% notes due 2028, $750 million 4.600% notes due 2032, $1,000 million 5.000% notes due 2036 and $500 million 5.700% notes due 2055, all issued under its existing indenture with The Bank of New York Mellon Trust Company, N.A. as trustee.

The company received approximately $2,972.7 million in proceeds after underwriting discounts and expenses. It plans to use part of the cash to repay or redeem $400 million of 5.350% senior notes due 2025 and to redeem or repurchase $500 million of 4.900% senior notes due 2026, with the remainder earmarked for working capital and general corporate purposes, including acquisitions, other debt repayment and common stock repurchases.

The notes pay interest semi-annually on set dates beginning in 2026 and can be redeemed early at specified make-whole premiums before defined par call dates, or at 100% of principal plus accrued interest on or after those dates. If a change of control occurs and the notes are downgraded below investment grade by Moody’s Ratings, S&P Global Ratings and Fitch Ratings, Inc. within a specified period, holders must be offered 101% of principal plus accrued interest.

Insights

Corporate finance analyst

Elevance refinances near-term debt with longer-term notes, adding flexibility while modestly increasing gross borrowings.

Elevance Health issued four tranches of senior notes totaling $750 million, $750 million, $1,000 million and $500 million with coupons between 4.000% and 5.700% and maturities from 2028 to 2055. The company reports net proceeds of $2,972.7 million, indicating a sizable capital markets transaction executed under its existing indenture framework.

The company plans to use $400 million to repay 5.350% notes due 2025 and $500 million to redeem or repurchase 4.900% notes due 2026, with remaining proceeds for working capital, acquisitions, other debt repayment and share repurchases. This shifts part of the debt stack to longer maturities while maintaining flexibility for strategic uses of cash.

Investor protections include standard events of default and a change-of-control trigger combined with a downgrade below investment grade by Moody’s Ratings, S&P Global Ratings and Fitch Ratings, Inc., which would require the company to offer to repurchase affected notes at 101% of principal plus accrued interest. Overall, this looks like a significant but routine financing and liability management action rather than a change in the company’s fundamental outlook.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

What did Elevance Health (ELV) announce in this Form 8-K?

Elevance Health reported it closed the sale of four tranches of registered senior notes: $750 million 4.000% notes due 2028, $750 million 4.600% notes due 2032, $1,000 million 5.000% notes due 2036 and $500 million 5.700% notes due 2055.

How much cash did Elevance Health (ELV) receive from the new notes?

The company received approximately $2,972.7 million in proceeds from the sale of the notes after deducting underwriting discounts and offering expenses.

How will Elevance Health use the proceeds from the notes offering?

Elevance Health plans to repay or redeem $400 million of 5.350% senior notes due 2025 and redeem or repurchase $500 million of 4.900% senior notes due 2026, and use the remaining proceeds for working capital, general corporate purposes, potential acquisitions, other debt repayment and repurchases of its common stock under its share repurchase program.

When do Elevance Healths new notes mature and what are the interest payment dates?

The 2028 notes mature on September 15, 2028, the 2032 notes on September 15, 2032, the 2036 notes on January 15, 2036 and the 2055 notes on September 15, 2055. Interest on the 2028, 2032 and 2055 notes is payable semi-annually on March 15 and September 15, starting March 15, 2026, and on the 2036 notes on January 15 and July 15, starting January 15, 2026.

Can Elevance Health redeem the new notes before maturity?

Yes. Before specified par call dates for each series, the company may redeem notes at the greater of a make-whole amount based on the Treasury Rate plus a spread (10 to 20 basis points depending on the series) or 100% of principal, plus accrued interest. On or after each par call date, it may redeem at 100% of principal plus accrued interest.

What happens to Elevance Healths notes if there is a change of control and ratings downgrade?

If both a change of control occurs and a series of notes is downgraded below investment grade by Moodys Ratings, S&P Global Ratings and Fitch Ratings, Inc. within a specified period, Elevance Health must make an offer to purchase all notes of that series at 101% of principal plus accrued and unpaid interest.

Who underwrote Elevance Healths notes offering?

The notes were sold under an underwriting agreement dated September 8, 2025, with BofA Securities, Inc., Deutsche Bank Securities Inc. and Mizuho Securities USA LLC acting as representatives of the several underwriters.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 09/15/2025 - 04:05 PM Learn about SEC filing dates

false 0001156039 0001156039 2025-09-08 2025-09-08

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 15, 2025 (September 8, 2025)

Elevance Health, Inc.

(Exact name of registrant as specified in its charter)

Indiana		001-16751		35-2145715
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

220 Virginia Avenue

Indianapolis, IN 46204

(Address of principal executive offices) (Zip Code)

(833) 401-1577

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		ELV		NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

The Notes Offering

On September 15, 2025, Elevance Health, Inc. (the “Company”) closed its sale of $750 million aggregate principal amount of its 4.000% Notes due 2028 (the “2028 Notes”), $750 million aggregate principal amount of its 4.600% Notes due 2032 (the “2032 Notes”), $1,000 million aggregate principal amount of its 5.000% Notes due 2036 (the “2036 Notes”) and $500 million aggregate principal amount of its 5.700% Notes due 2055 (the “2055 Notes” and, together with the 2028 Notes, the 2032 Notes and the 2036 Notes, the “Notes”) pursuant to an Underwriting Agreement, dated September 8, 2025 (the “Underwriting Agreement”), among the Company and BofA Securities, Inc., Deutsche Bank Securities Inc. and Mizuho Securities USA LLC, as representatives of the several underwriters named on Exhibit A thereto (the “Underwriters”). The Notes have been registered under the Securities Act of 1933, as amended (the “Act”), pursuant to a registration statement on Form S-3 (File No. 333-275251) previously filed with the Securities and Exchange Commission (the “SEC”) under the Act.

The Company received proceeds of approximately $2,972.7 million from the sale of the Notes after deducting underwriting discounts and its offering expenses. The Company intends to use the net proceeds to repay or redeem all of the $400 million aggregate principal amount of its 5.350% senior notes due 2025 and to redeem or otherwise repurchase all of the $500 million aggregate principal amount of its 4.900% senior notes due 2026, in each case at or prior to their respective maturities. The Company intends to use the remainder of net proceeds for working capital and for general corporate purposes, including, but not limited to, the funding of acquisitions, repayment of other short-term and long-term debt, and the repurchase of the Company’s common stock pursuant to its share repurchase program. The Indenture (as defined below) does not prohibit or limit the incurrence of indebtedness and other liabilities by the Company or its subsidiaries.

The Notes have been issued pursuant to an Indenture, dated as of November 21, 2017 (the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). Interest on the 2028 Notes, the 2032 Notes and the 2055 Notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing March 15, 2026. Interest on the 2036 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, commencing January 15, 2026. Each interest payment on the 2028 Notes, the 2032 Notes and the 2055 Notes will be made to the persons who are registered holders of such Notes at the close of business on the immediately preceding March 1 or September 1 (whether or not a business day), as applicable. Each interest payment on the 2036 Notes will be made to the persons who are registered holders of such Notes at the close of business on the immediately preceding January 1 or July 1 (whether or not a business day), as applicable. Interest, in each case, will be computed on the basis of a 360-day year of twelve 30-day months.

The Notes may be declared immediately due and payable by the Trustee or the holders of 25% of the principal amount of the Notes of the affected series if an event of default occurs under the Indenture and has not been cured. An event of default generally means that the Company (1) fails to pay the principal or any premium on a Note on its due date, (2) does not pay interest on a Note within 30 days of its due date, (3) remains in breach of any other term of the Indenture for 90 days after its receipt of written notice of such failure or (4) files for bankruptcy or certain other events in bankruptcy, insolvency or reorganization occurs.

The 2028 Notes will mature on September 15, 2028, the 2032 Notes will mature on September 15, 2032, the 2036 Notes will mature on January 15, 2036 and the 2055 Notes will mature on September 15, 2055. Prior to (i) with respect to the 2028 Notes, August 15, 2028 (one month prior to the maturity date of such Notes), (ii) with respect to the 2032 Notes, July 15, 2032 (two months prior to the maturity date of such Notes) (iii) with respect to the 2036 Notes, October 15, 2035 (three months prior to the maturity date of such Notes), and (iv) with respect to the 2055 Notes, March 15, 2055 (six months prior to the maturity date of such Notes) (each such date, a “Par Call Date”), the Company may redeem the applicable series of Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed discounted to the redemption date (assuming that such Notes matured on their applicable Par Call Date), on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, as defined in the Indenture, plus 10 basis points in the case of the 2028 Notes, 15 basis points in the case of the 2032 Notes, 15 basis points in the case of the 2036 Notes and 20 basis points in the case of the 2055 Notes, less (b) interest accrued to the redemption date; and (2) 100% of the principal amount of the Notes to be redeemed; plus, in either case, accrued and unpaid interest on the applicable Notes to the redemption date.

On or after the applicable Par Call Date for the respective Notes, the Company may redeem the Notes of the applicable series in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to such redemption date.

Unless the Company has exercised its right to redeem the Notes in full as described above, upon the occurrence of both (1) a change of control of the Company and (2) a downgrade of a series of the Notes below an investment grade rating by each of Moody’s Ratings, S&P Global Ratings and Fitch Ratings, Inc. within a specified period, the Company will be required to make an offer to purchase all of the Notes of such series at a price equal to 101% of the principal amount of such Notes, plus any accrued and unpaid interest to the date of repurchase.

Certain of the Underwriters and their affiliates are full service financial institutions that have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with the Company and its affiliates, for which they have received, or may in the future receive, customary fees and commissions.

The foregoing description of the issuance and sale does not purport to be complete and is qualified in its entirety by reference to the Underwriting Agreement, which is incorporated by reference hereto as Exhibit 1.1, and the Indenture, which was filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on November 21, 2017 and is incorporated by reference hereto as Exhibit 4.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are being filed herewith:

Exhibit No.		Exhibit
1.1		Underwriting Agreement, dated as of September 8, 2025, among the Company and BofA Securities, Inc., Deutsche Bank Securities Inc. and Mizuho Securities USA LLC
4.1		Indenture, dated as of November 21, 2017, among the Company and the Bank of New York Mellon Trust Company, N.A. as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on November 21, 2017)
4.2		Form of the 4.000% Notes due 2028
4.3		Form of the 4.600% Notes due 2032
4.4		Form of the 5.000% Notes due 2036
4.5		Form of the 5.700% Notes due 2055
5.1		Opinion of Hogan Lovells US LLP
5.2		Opinion of Faegre Drinker Biddle & Reath LLP
23.1		Consent of Hogan Lovells US LLP (included in the opinion filed as Exhibit 5.1)
23.2		Consent of Faegre Drinker Biddle & Reath LLP (included in the opinion filed as Exhibit 5.2)
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: September 15, 2025

ELEVANCE HEALTH, INC.
By:		/s/ Kathleen S. Kiefer
Name:		Kathleen S. Kiefer
Title:		Chief Governance Officer & Corporate Secretary