---
schema_version: "secwatch.filing_event.v1"
accession: "0000947871-23-000511"
form_type: "8-K"
ticker: "CVS"
cik: "0000064803"
company_name: "CVS HEALTH Corp"
filed_at: "2023-05-02T23:59:59+00:00"
generated_at: "2026-06-16T04:06:12.943620+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# CVS closes $10.6B Oak Street Health buy, funds $5B via loan

## Summary
- Acquired Oak Street Health for $39.00 per share in cash, total enterprise value ~$10.6B.
- Financed portion of deal with $5.0B unsecured 364-day term loan (Barclays as agent); matures Apr 30, 2024.
- Oak Street Health remains multi-payor primary care provider; adds value-based care to CVS Health platform.
- As result of Merger, Oak Street Health will repurchase $920M of 0% convertible notes due 2026 at 100% par plus accrued interest.
- CVS Health committed to maintaining current credit ratings; discussion on Q1 2023 earnings call May 3.

## SEC filing metadata
- accession: 0000947871-23-000511
- form_type: 8-K
- ticker: CVS
- cik: 0000064803
- company_name: CVS HEALTH Corp
- filed_at: 2023-05-02T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 2.04, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/64803/000094787123000511/0000947871-23-000511-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/64803/000094787123000511/ss2023948_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000947871-23-000511
- JSON: https://secwatch.observer/filing/0000947871-23-000511.json
- Plain text: https://secwatch.observer/filing/0000947871-23-000511.txt

## Key facts
- Debt Financings
  CVS HEALTH Corp incurred term loan of $5.0 billion with Barclays Bank PLC at term SOFR or the base rate, plus, in each case, an applicable margin maturing April 30, 2024.
  - Instrument: term loan
  - Principal: $5.0 billion
  - Counterparty: Barclays Bank PLC
  - Rate: term SOFR or the base rate, plus, in each case, an applicable margin
  - Maturity: April 30, 2024
  - Event: incurrence
  source text: On May 1, 2023, CVS Health Corporation, a Delaware corporation (“CVS Health”) entered into a 364-Day Term Loan Agreement (the “Term Loan Agreement”) with the lenders party thereto and Barclays Bank PLC, as administrative agent. The Term Loan Agreement provides for total term loan commitments in an aggregate principal amount of $5.0 billion.
  evidence_url: https://www.sec.gov/Archives/edgar/data/64803/000094787123000511/0000947871-23-000511-index.htm
- Material Agreements
  CVS HEALTH Corp entered into Term Loan Agreement valued at $5.0 billion.
  - Action: entry
  - Agreement: credit facility
  - Value: $5.0 billion
  source text: The Merger was financed in part with borrowings of $5.0 billion under the Term Loan Agreement, described above under Item 1.01 of this Current Report.
  evidence_url: https://www.sec.gov/Archives/edgar/data/64803/000094787123000511/0000947871-23-000511-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.