Evolent Health prices upsized $145M convertible senior note debt

Evolent Health (EVH) announced the pricing of $145.0 million aggregate principal amount of 4.50% convertible senior notes due 2031. Evolent has also granted the initial purchasers in the offering a 30-day option to purchase up to an additional $21.75 million aggregate principal amount of notes. Evolent has increased the size of the offering from $140.0 million to $145.0 million The notes are convertible into cash, shares of Evolent’s Class A common stock, or a combination of cash and shares of Evolent’s Class A common stock, at Evolent’s election based on an initial conversion rate of 73.9098 shares of Class A common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $13.53 per share of Class A common stock. The initial conversion price represents a premium of approximately 50.0% over the closing price of the Class A common stock on the New York Stock Exchange on August 18, 2025.