Elevance Health to price fixed-rate notes due 2026, 2033, 2053

By William Gullotti

Buffalo, N.Y., Jan. 30 – Elevance Health, Inc. plans to offer fixed-rate notes in three tranches due 2026, 2033 and 2053, according to a 424B3 filing with the Securities and Exchange Commission.

Each tranche will feature a make-whole call followed by a par call.

The notes also have change-of-control puts at 101.

Goldman Sachs & Co. LLC, Barclays and J.P. Morgan Securities LLC are the joint bookrunning managers for the offering.

Bank of New York Mellon Trust Co., NA is the trustee.

Counsel to the issuer is provided by Hogan Lovells US LLP with assistance on Indiana law from Faegre Drinker Biddle & Reath LLP. Counsel to the underwriters is provided by Davis Polk & Wardwell LLP.

Proceeds will be used for working capital and for general corporate purposes, including funding of acquisitions, repayment of short-term and long-term debt, and repurchase of common stock under its share repurchase program.

Formerly known as Anthem, Inc., Indianapolis-based Elevance is a health benefits company.

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