Oscar Health Terminates Revolving Credit Facility and Prices Convertible Notes Offering

Oscar Health, Inc. has announced the termination of its revolving credit facility as part of its senior secured credit agreement, contingent upon the closing of its private offering of $355 million in 2.25% Convertible Senior Subordinated Notes due 2030. The notes are being offered to qualified institutional buyers under Rule 144A of the Securities Act of 1933. The net proceeds, estimated at approximately $342.5 million, will be used for general corporate purposes, including future expansion opportunities, strategic AI initiatives, and enhancing consumer healthcare experiences. Additionally, Oscar Health plans to use a portion of the proceeds to fund capped call transactions to offset potential dilution from the conversion of the notes. The termination of the revolving credit facility will occur concurrently with the closing of the offering.