Evolent Health Inc (EVH)

Shares of Evolent Health Inc (EVH) dropped by 9.10% from $29.34 to $26.67 in the trading on Tuesday, December 5, 2023. The reason why EVH is down today is due to an announcement by Evolent Health, Inc. (NYSE: EVH). The company intends to offer $350.0 million in convertible senior notes due 2029, with an option for initial purchasers to acquire up to an additional $52.5 million. These notes are exclusively available to qualified institutional buyers under Rule 144A of the Securities Act. The notes can be converted into cash or Evolent's Class A common stock, with specifics to be determined later. Interest payments will commence on June 1, 2024, and the notes will mature on December 1, 2029. Evolent plans to utilize the proceeds to prepay outstanding borrowings and related fees.