The size of the offering was increased from the previously announced $125M of notes. Evolent Health has also granted the initial purchasers a 30 day option to purchase up to an additional $22.5M of notes.
The notes are convertible into cash, shares of Evolent Health's Class A common stock, or a combination of cash and shares, , based on an initial conversion rate of 29.9135 shares of Class A common stock per $1,000 of notes, which is equivalent to an initial conversion price of ~$33.43 per share of Class A common stock..
Evolent Health may not redeem the notes prior to October 20, 2022.
Net proceeds will be used for working capital and other general corporate purposes.
Settlement is expected to occur on October 22, 2018.
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