Company
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Elevance Health, Inc., an Indiana corporation
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Ratings*
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Baa2 / A / BBB+ (Moody’s / S&P / Fitch)
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Pricing Date
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October 22, 2024
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Trade Date
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October 22, 2024
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Settlement Date
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October 31, 2024 (T+7)
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Aggregate Principal Offering Amount
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$350,000,000 for the 2026 Notes
$750,000,000 for the 2030 Notes
$750,000,000 for the 2031 Notes
$1,200,000,000 for the 2035 Notes
$1,350,000,000 for the 2055 Notes
$800,000,000 for the 2064 Notes
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Maturity Date
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October 30, 2026 for the 2026 Notes
February 15, 2030 for the 2030 Notes
November 1, 2031 for the 2031 Notes
February 15, 2035 for the 2035 Notes
February 15, 2055 for the 2055 Notes
November 1, 2064 for the 2064 Notes
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Coupon (Interest Rate)
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4.500% for the 2026 Notes
4.750% for the 2030 Notes
4.950% for the 2031 Notes
5.200% for the 2035 Notes
5.700% for the 2055 Notes
5.850% for the 2064 Notes
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Price to Public (Issue Price)
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99.981% of the principal amount for the 2026 Notes
99.794% of the principal amount for the 2030 Notes
99.760% of the principal amount for the 2031 Notes
99.646% of the principal amount for the 2035 Notes
99.453% of the principal amount for the 2055 Notes
99.708% of the principal amount for the 2064 Notes
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Yield to Maturity
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4.510% for the 2026 Notes
4.796% for the 2030 Notes
4.991% for the 2031 Notes
5.246% for the 2035 Notes
5.739% for the 2055 Notes
5.869% for the 2064 Notes
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Spread to Benchmark Treasury
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T + 48 basis points for the 2026 Notes
T + 80 basis points for the 2030 Notes
T + 90 basis points for the 2031 Notes
T + 105 basis points for the 2035 Notes
T + 125 basis points for the 2055 Notes
T + 138 basis points for the 2064 Notes
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Benchmark Treasury
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3.500% due September 30, 2026 for the 2026 Notes
3.500% due September 30, 2029 for the 2030 Notes
3.625% due September 30, 2031 for the 2031 Notes
3.875% due August 15, 2034 for the 2035 Notes
4.625% due May 15, 2054 for the 2055 Notes
4.625% due May 15, 2054 for the 2064 Notes
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Benchmark Treasury Price / Yield
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99-00 ⅝ / 4.030% for the 2026 Notes
97-25+ / 3.996% for the 2030 Notes
97-06 ¾ / 4.091% for the 2031 Notes
97-14 / 4.196% for the 2035 Notes
102-07 / 4.489% for the 2055 Notes
102-07 / 4.489% for the 2064 Notes
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Interest Payment Dates
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April 30 and October 30, commencing April 30, 2025 for the 2026 Notes
February 15 and August 15, commencing February 15, 2025 for the 2030 Notes
May 1 and November 1, commencing May 1, 2025 for the 2031 Notes
February 15 and August 15, commencing February 15, 2025 for the 2035 Notes
February 15 and August 15, commencing February 15, 2025 for the 2055 Notes
May 1 and November 1, commencing May 1, 2025 for the 2064 Notes
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Optional Redemption Provisions
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For the 2026 Notes: Prior to October 30, 2026, make-whole call at Treasury rate plus 10 basis points.
For the 2030 Notes: Prior to January 15, 2030 (the date that is one month prior to the maturity date), make-whole call at
Treasury rate plus 15 basis points; par call at any time on or after January 15, 2030.
For the 2031 Notes: Prior to September 1, 2031 (the date that is two months prior to the maturity date), make-whole call at
Treasury rate plus 15 basis points; par call at any time on or after September 1, 2031.
For the 2035 Notes: Prior to November 15, 2034 (the date that is three months prior to the maturity date), make-whole call at
Treasury rate plus 20 basis points; par call at any time on or after November 15, 2034.
For the 2055 Notes: Prior to August 15, 2054 (the date that is six months prior to the maturity date), make-whole call at
Treasury rate plus 20 basis points; par call at any time on or after August 15, 2054.
For the 2064 Notes: Prior to May 1, 2064 (the date that is six months prior to the maturity date), make whole call at Treasury
rate plus 25 basis points; par call at any time on or after May 1, 2064.
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Denomination
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$1,000 and integral multiples of $1,000 in excess thereof
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Day Count Convention
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30/360
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Payment Business Days
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New York
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CUSIP/ISIN Number
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036752 BG7 / US036752BG70 for the 2026 Notes
036752 BB8 / US036752BB83 for the 2030 Notes
036752 BC6 / US036752BC66 for the 2031 Notes
036752 BD4 / US036752BD40 for the 2035 Notes
036752 BE2 / US036752BE23 for the 2055 Notes
036752 BF9 / US036752BF97 for the 2064 Notes
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Joint Book-Running Managers
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Citigroup Global Markets Inc.
Morgan Stanley & Co. LLC
Wells Fargo Securities, LLC
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Passive Book-Running Managers
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Barclays Capital Inc.
Goldman Sachs & Co. LLC
J.P. Morgan Securities LLC
Mizuho Securities USA LLC
Truist Securities, Inc.
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Senior Co-Managers
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BofA Securities, Inc.
Deutsche Bank Securities Inc.
PNC Capital Markets LLC
UBS Securities LLC
U.S. Bancorp Investments, Inc.
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Junior Co-Managers
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BNY Mellon Capital Markets, LLC
Huntington Securities, Inc.
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