Company: ELV
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-199226
Chunk: 10

Company: Elevance Health, Inc.
Filing Date: 2025-09-09
Form: 424B3
Chunk 10
---
 desirable business opportunities, and may
affect our ability to maintain an investment grade rating for our indebtedness.

We may also incur future debt obligations that might
subject us to restrictive covenants that could affect our financial and operational flexibility. Our breach or failure to comply with any of these covenants could result in a default under our credit agreement. If we default under our credit
agreement, the lenders could cease to make further extensions of credit or cause all of our outstanding debt obligations under our credit agreement to become immediately due and payable, together with accrued and unpaid interest. If the indebtedness
under the notes or our credit agreement is accelerated, we may be unable to repay or finance the amounts due.

S-5

The notes are not secured by any of our assets and any secured creditors would have a prior claim on our assets.

The notes are not secured by any of our assets. The terms of the indenture permit us to incur secured debt. If we
become insolvent or are liquidated, or if payment under any agreements governing our secured debt is accelerated, the lenders under any secured debt agreements would be entitled to exercise the remedies available to a secured lender under applicable
law and pursuant to agreements governing that debt. Accordingly, the lenders would have a prior claim on our assets. In that event, because the notes are not secured by any of our assets, it is possible that there would be no assets remaining from
which claims of the holders of the notes could be satisfied or, if any assets remain, the remaining assets might be insufficient to satisfy those claims in full. As of June 30, 2025, we had approximately $0.4 billion of secured debt
outstanding.

The notes are effectively subordinated to the indebtedness of our subsidiaries.

Because we operate as a holding company, our right to participate in any distribution of assets of any subsidiary upon that subsidiary’s
dissolution, winding-up, liquidation, reorganization or otherwise (and thus the ability of the holders of the notes to participate indirectly from the distribution) is subject to the prior claims of the
creditors of that subsidiary, except to the extent that we are a creditor of the subsidiary and our claims are recognized. Therefore, the notes are effectively subordinated to all indebtedness and other obligations of our subsidiaries. Our
subsidiaries are separate legal entities and have no obligations to pay, or make funds available for the payment of, any amounts due on the notes. The indenture governing the notes does not prohibit