Evolent Health greenshoe ups 2% five-year convertibles to $125 million

By Wendy Van Sickle

Columbus, Ohio, Dec. 5 – The underwriters of Evolent Health Inc.’s 2% five-year convertible senior notes exercised their $15 million over-allotment option in full, increasing the size of the issue to $125 million, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, the company sold $110 million of the notes at par with an initial conversion premium of 27.5% via a Rule 144A offering on Nov. 30.

J.P. Morgan Securities LLC was the bookrunner.

Holders can cause the company to repurchase the securities upon a fundamental change at par plus accrued interest.

Proceeds will be loaned to the operating subsidiary, Evolent Health LLC. The unit will use the funds for working capital and other general corporate purposes.

Evolent Health is an Arlington, Va.-based provider of an integrated value-based care platform for health systems and physicians organizations.

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