Evolent prices $110M convertible debt offering; shares off 6% premarket

|About: Evolent Health (EVH)|By:, SA News Editor

Evolent Health (NYSE:EVH) is down 6% premarket, albeit on only 100 shares, in response to the pricing of its $100M offering of Convertible Senior Notes due 2021. The Notes will bear 2% annual interest and will have an initial conversion rate of 41.6082 shares of Class A common stock per $1,000 principal amount of the notes ($24.03 per share) representing a 27.5% premium over yesterday's closing price of $18.85.

Initial buyers have a 30-day option to purchase an additional $15M of the Notes.

Net proceeds will fund working capital and general corporate purposes.