By Stephanie N. Rotondo
Seattle, Nov. 30 – Evolent Health Inc. priced $110 million of five-year convertible senior notes at par to yield 2% with an initial conversion premium of 27.5% on Wednesday, the company said in a press release.
There is a $15 million over-allotment option.
The convertible bonds will be sold via a Rule 144A offering, facilitated by J.P. Morgan Securities LLC.
The debt is convertible into class A common stock at an initial conversion rate of 41.6082 shares per each $1,000 of notes. The initial conversion price is $24.03 per share.
Interest will be payable semiannually.
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 integrated value-based care platform for health systems and physicians organizations.
| Issuer: | Evolent Health Inc.
|
| Securities: | Convertible senior notes
|
| Amount: | $110 million
|
| Greenshoe: | $15 million
|
| Maturity: | Dec. 1, 2021
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 2%
|
| Price: | Par of $1,000
|
| Yield: | 2%
|
| Put options: | Upon a fundamental change at par plus accrued interest
|
| Conversion premium: | 27.5%
|
| Conversion price: | $24.03
|
| Conversion rate: | 41.6082 shares
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 5
|
| Distribution: | Rule 144A
|
| Stock symbol: | NYSE: EVH
|
| Stock price: | $18.85 as of Nov. 29 close
|
| Market capitalization: | $1.25 billion
|
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