Company: ELV
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-199226
Chunk: 11

Company: Elevance Health, Inc.
Filing Date: 2025-09-09
Form: 424B3
Chunk 11
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 or limit the incurrence of indebtedness and other
liabilities by us or our subsidiaries. The incurrence of additional indebtedness and other liabilities by us or our subsidiaries could adversely affect our ability to pay obligations on the notes. As of June 30, 2025, we had approximately
$30.2 billion of indebtedness outstanding, of which approximately $0.4 billion consisted of indebtedness of our subsidiaries.

We may not be able to satisfy our obligations to repurchase the notes upon the occurrence of both a change of control and downgrades of the notes.

Unless we have exercised our right to redeem the notes in full, upon the occurrence of both (1) a change of control of us and (2) 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, which we refer to as a change of control triggering event, 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. The source of funds for any purchase of our
debt securities, including the notes, will be our available cash or cash generated from our operations or other sources, including borrowings, sales of assets or sales of equity. We may not be able to repurchase the notes upon a change of control
triggering event because we may not have sufficient financial resources to purchase all of the debt securities that are tendered upon a change of control and repay our other indebtedness that will become due, if any. We may require additional
financing from third parties to fund any such purchases, and we cannot assure you that we would be able to obtain financing on satisfactory terms or at all. Further, our ability to repurchase the notes may be limited by applicable law. See
“Description of the Notes—Repurchase Upon a Change of Control.” As a result of our potential obligations to repurchase the notes and other indebtedness, we may have to avoid certain change of control transactions that would
otherwise be beneficial to us and our shareholders.

There are currently no trading markets for the notes, and active public trading markets for the notes may not develop or, if any markets develop, may not be maintained. The failure of active liquid trading markets for the notes to develop or be maintained is likely to adversely affect the market prices and liquidity