secwatch.observer — SEC 8-K summary
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Issuer:     Evolent Health, Inc. (EVH)
CIK:        0001628908
Form:       8-K
Filed at:   2023-01-23T23:59:59+00:00
Accession:  0001193125-23-012645
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 2.01, 2.03, 3.02, 3.03, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Evolent closes $387M cash + stock acquisition of Magellan Specialty Health, funded via $265M debt + $168M preferred
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- Acquired Magellan Specialty Health for ~$386.7M cash and 8.47M shares of Class A common stock.
- Entered $240M term loan and $25M ABL incremental facility; borrowed at SOFR+6.0% (term) and SOFR+4.0% (revolver).
- Issued 175,000 Series A Convertible Preferred shares at $960 each, raising $168M; dividend rate of SOFR+6.0%.
- Series A preferred converts at $40/share, redeemable at 165% of liquidation preference after Jan 2025.
- Magellan Specialty Health 2021 revenue $694.4M, net income $24.5M; historical financials filed.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1628908/000119312523012645/0001193125-23-012645-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1628908/000119312523012645/d331612d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-012645

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer