Oscar Health proposes $350M convertible notes due 2030; to fund AI, growth initiatives

Oscar Health, Inc.

$350M principal amount of convertible senior subordinated notes due 2030; underwriters option for additional $52.5M.
Net proceeds for general corporate purposes, including AI initiatives, lowering cost of care, and potential extension of enhanced premium tax credits.
Notes subordinated to senior debt; interest rate and conversion price set at pricing; redeemable after Sep 2028 if stock exceeds 130% conversion price.
Expects to enter capped call transactions to offset dilution upon conversion; counterparties may hedge affecting stock price.
Plans to terminate revolving credit facility with Wells Fargo upon closing of the offering; amendment with Dragoneer permits offering.

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