Oscar Health slips after announcing a $355 million convertible note offering

Oscar Health fell as much as 5.1% in premarket trading on Tuesday after the company announced it will terminate its revolving credit line with Wells Fargo thanks to a $355 million proposed private convertible note offering.

The company announced it will offer $355 million in 2.25% convertible senior subordinated notes maturing in 2030. Oscar said the raise will fund “general corporate purposes, including future expansion opportunities fueled by strategic AI and member experience initiatives as well as the potential extension of enhanced premium tax credits.”

Oscar, like many health insurance companies that offer government-sponsored plans, has had a tumultuous year amid rising costs. The company recently reiterated its full-year guidance after making a huge cut in July.

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