What is the total amount raised by Elevance Health in this notes offering?

Elevance Health closed its sale of $750 million aggregate principal amount of 4.000% Notes due 2028, $750 million aggregate principal amount of 4.600% Notes due 2032, $1,000 million aggregate principal amount of 5.000% Notes due 2036, and $500 million aggregate principal amount of 5.700% Notes due 2055, for a total of $3.0 billion in aggregate principal amount. The net proceeds received were approximately $2,972.7 million.

How does Elevance Health intend to use the proceeds from this offering?

The company plans to use the net proceeds primarily to repay or redeem $400 million of its 5.350% senior notes due 2025 and to redeem or repurchase $500 million of its 4.900% senior notes due 2026. The remaining proceeds will be used for general corporate purposes, which may include funding acquisitions, repaying other debt, and repurchasing common stock.

What are the interest rates and maturity dates for the new notes?

The notes have the following characteristics: 4.000% Notes due September 15, 2028; 4.600% Notes due September 15, 2032; 5.000% Notes due January 15, 2036; and 5.700% Notes due September 15, 2055.

Are there any provisions for early redemption or repurchase of these notes?

Yes, Elevance Health may redeem the notes at its option under specified conditions. Prior to certain 'Par Call Dates' (which are set a few months before the maturity dates), redemption will occur at a price calculated based on present values plus a spread. On or after the Par Call Date, the company can redeem the notes at 100% of the principal amount. Additionally, a change of control event coupled with a credit rating downgrade below investment grade would trigger an offer to repurchase the notes at 101% of the principal amount.

ELV 8-K SEC Disclosure — Sep 15, 2025

01—Abstract

Summary

Summary of the 8-K filed September 15, 2025. Cited figures are marked; the original filing is the authoritative source.

Elevance Health, Inc. (ELV) has successfully closed a significant notes offering totaling approximately $3.0 billion^a.

This issuance includes four tranches with varying interest rates and maturity dates: $750 million^b in 4.000% Notes due 2028, $750 million in 4.600% Notes due 2032, $1,000 million in 5.000% Notes due 2036, and $500 million in 5.700% Notes due 2055. The company raised approximately $2,972.7 million in net proceeds after deducting underwriting discounts and expenses. The primary use of these proceeds is to refinance existing debt, specifically repaying or redeeming $400 million of 5.350% senior notes due 2025 and repurchasing $500 million of 4.900% senior notes due 2026.

The remaining funds are earmarked for general corporate purposes, including potential acquisitions, further debt reduction, and share repurchases. This strategic refinancing aims to optimize the company's debt structure and financial flexibility.

02—Key points

Key Highlights

Elevance Health closed a $3.0 billion notes offering across four tranches with maturity dates ranging from 2028 to 2055.
Net proceeds of approximately $2,972.7 million were raised from the offering.
The company will use a significant portion of the proceeds to repay $400 million of 5.350% notes due 2025 and repurchase $500 million of 4.900% notes due 2026.
Remaining funds are allocated for general corporate purposes, including acquisitions, debt repayment, and share repurchases.
The offering was conducted under an Underwriting Agreement with BofA Securities, Inc., Deutsche Bank Securities Inc., and Mizuho Securities USA LLC.
The notes are governed by an Indenture dated November 21, 2017, with The Bank of New York Mellon Trust Company, N.A. as trustee.
The company retains the option to redeem the notes under specified conditions prior to their maturity dates, with varying premium structures.

03—Questions

Frequently Asked Questions

What is the total amount raised by Elevance Health in this notes offering?
Elevance Health closed its sale of $750 million aggregate principal amount of 4.000% Notes due 2028, $750 million aggregate principal amount of 4.600% Notes due 2032, $1,000 million aggregate principal amount of 5.000% Notes due 2036, and $500 million aggregate principal amount of 5.700% Notes due 2055, for a total of $3.0 billion in aggregate principal amount. The net proceeds received were approximately $2,972.7 million.
How does Elevance Health intend to use the proceeds from this offering?
The company plans to use the net proceeds primarily to repay or redeem $400 million of its 5.350% senior notes due 2025 and to redeem or repurchase $500 million of its 4.900% senior notes due 2026. The remaining proceeds will be used for general corporate purposes, which may include funding acquisitions, repaying other debt, and repurchasing common stock.
What are the interest rates and maturity dates for the new notes?
The notes have the following characteristics: 4.000% Notes due September 15, 2028; 4.600% Notes due September 15, 2032; 5.000% Notes due January 15, 2036; and 5.700% Notes due September 15, 2055.
Are there any provisions for early redemption or repurchase of these notes?
Yes, Elevance Health may redeem the notes at its option under specified conditions. Prior to certain 'Par Call Dates' (which are set a few months before the maturity dates), redemption will occur at a price calculated based on present values plus a spread. On or after the Par Call Date, the company can redeem the notes at 100% of the principal amount. Additionally, a change of control event coupled with a credit rating downgrade below investment grade would trigger an offer to repurchase the notes at 101% of the principal amount.

04—Continue

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