Oscar Health issues $410M of 2.25% convertible notes due 2030; net proceeds ~$395.8M

Oscar Health, Inc.

Notes carry 2.25% coupon, mature Sep 1, 2030; initial conversion price ~$24.82 per share.
Net proceeds of ~$395.8M used $34.4M for capped calls; balance for AI, care cost reduction, growth.
Initial purchasers fully exercised $55M option; capped calls cap price $37.46 per share.
Notes subordinated to senior debt; structurally subordinated to subsidiary liabilities.

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