Company: ELV
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001193125-25-197796
Chunk: 6

Company: Elevance Health, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 6
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 Par Call 
 Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus    basis points in the                                                               
 case of the 2028 notes,    basis points in the case of the 2032 notes,   basis points in the case of the 2036 notes, and    basis points in the case of the 2055 notes, less (b) interest accrued to the                    
 redemption date; and                                                                                                                                                                                                        |

| (2) 100% of the principal amount of the notes to be redeemed, |

| plus, in either case, accrued and unpaid interest on the applicable notes to the redemption date. See “Description of the Notes— Optional Redemption.” |

| On or after the applicable Par Call Date for the respective notes, we may redeem the notes of the applicable series in whole 
 or in part, at any time and from time to time, at a redemption price equal to 100%                                           |

S-3

| of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon to such redemption date. See “Description of the Notes—Optional Redemption.” |

| Repurchase Upon Change of Control | Unless we have exercised our right to redeem the notes in full, upon the occurrence of both (i) a change of control of us and (ii) a downgrade of a series of notes below an investment grade rating by each of Moody’s Ratings,                   
 S&P Global Ratings and Fitch Ratings, Inc. within a specified period, we will be required to make an offer to purchase all of the notes of such series at a price in cash equal to 101% of the principal amount of the notes, plus any accrued and 
 unpaid interest to the date of repurchase. See “Description of the Notes—Repurchase Upon a Change of Control.”                                                                                                                                     |

| Ranking | The notes will be our unsecured and unsubordinated obligations and will rank equally with all of our current and future unsecured and unsubordinated indebtedness, including any borrowings under our senior credit facility, and senior to all of       
 our future subordinated debt. The notes will effectively rank junior to any of our future secured indebtedness to the extent of the value of the assets securing such indebtedness. The notes will not be guaranteed by any of our subsidiaries and will 
 therefore be effectively subordinated to all existing and future liabilities of our subsidiaries. The