Evolent Health Inc. announced on August 18, 2025, that it has entered into a purchase agreement with Oppenheimer & Co. Inc., representing several initial purchasers, for the issuance and sale of $145 million in 4.50% convertible senior notes due 2031. This transaction marks a significant step in Evolent Health's financial strategy, as the notes were issued via a private placement to qualified institutional buyers under Rule 144A of the Securities Act. The company also conducted concurrent note repurchases totaling approximately $167.6 million and repurchased around $40 million in Class A common stock. The agreement includes customary representations, warranties, and indemnification rights, and the notes were issued under an Indenture dated the same day.