Evolent Health Shares Drop on $350 Million Note Offering
Provided by
Dow Jones
By Dean Seal
Shares of Evolent Health fell after the company said it would offer $350 million in convertible notes.
The stock retreated 15% to $25.08 in early trading. Shares are down 11% year-to-date.
The healthcare company said Tuesday morning that it plans to offer $350 million in convertible senior notes, due in 2029, to qualified institutional investors. Initial purchasers will be given the option to buy up to an additional $52.5 million in notes.
Proceeds from the offering will be used to prepay a portion of outstanding borrowings and pay related fees under its loan facility.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 05, 2023 10:15 ET (15:15 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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