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Healthcare tech firm Oscar Health Inc. (NASDAQ:OSCR) priced its offering of $355 million of 2.25% convertible senior subordinated notes due 2030 in a private offering.
The company increased its offering size from the previously announced offering size of $350 million.
Oscar estimates that the net proceeds from the offering will be approximately $342.5 million (or roughly $395.8 million if the initial purchasers fully exercise their option to purchase additional notes).
Oscar intends to use net proceeds from the offering for general corporate purposes, including to support future expansion fueled by strategic initiatives focused on AI, lowering the cost of care, and enhancing consumer healthcare experiences.
The funds will also support additional growth opportunities, including the potential extension of enhanced premium tax credits.
Also Read: Oscar Health Well-Positioned To Manage Market Reset, Eyes Profitability In 2026
The notes will accrue interest at a rate of 2.25% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2026.
The notes will mature on Sept. 1, 2030, unless earlier repurchased, redeemed, or converted.
Before June 1, 2030, noteholders will have the right to convert their notes only upon the occurrence of certain events.
From and after June 1, 2030, noteholders may convert their notes at any time.
The initial conversion rate is 40.2946 shares of class A common stock per $1,000 principal amount of notes. It represents an initial conversion price of approximately $24.82 per share of class A common stock.
The initial conversion price represents a premium of approximately 32.5% over the last reported sale price of $18.73 per share of Oscar’s class A common stock on September 15.
Price Action: OSCR stock is down 5.52% at $17.70 at the last check on Tuesday.
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Posted In: OSCR
