---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-207417"
form_type: "8-K"
ticker: "OSCR"
cik: "0001568651"
company_name: "Oscar Health, Inc."
filed_at: "2025-09-18T23:59:59+00:00"
generated_at: "2026-05-17T06:14:54.332967+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-207417
- form_type: 8-K
- ticker: OSCR
- cik: 0001568651
- company_name: Oscar Health, Inc.
- filed_at: 2025-09-18T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1568651/000119312525207417/0001193125-25-207417-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1568651/000119312525207417/d74904d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-207417
- JSON: https://secwatch.observer/filing/0001193125-25-207417.json
- Plain text: https://secwatch.observer/filing/0001193125-25-207417.txt

## Key facts
- Equity Issuances
  Oscar Health, Inc. issued a maximum of 21,889,982 shares of the Company's class A common stock may be issued upon conversion of the Notes of convertible note to initial purchasers for $410,000,000 aggregate principal amount of 2.25% Convertible Senior Subordinated Notes due 2030, net proceeds approximately $395.8 million.
  - Security: convertible note
  - Shares: a maximum of 21,889,982 shares of the Company's class A common stock may be issued upon conversion of the Notes
  - Purchaser: initial purchasers
  - Consideration: $410,000,000 aggregate principal amount of 2.25% Convertible Senior Subordinated Notes due 2030, net proceeds approximately $395.8 million
  source text: accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Item 1.01. Entry Into a Material Definitive Agreement. Indenture and Notes On September 18, 2025, Oscar Health, Inc. (the “ Company ”) issued $410,000,000 aggregate principal amount of its 2.25% Convertible Senior Subordinated Notes due 2030 (the “ Notes ”). The Notes were
  evidence_url: https://www.sec.gov/Archives/edgar/data/1568651/000119312525207417/0001193125-25-207417-index.htm

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