Company: ELV
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001193125-25-197796
Chunk: 7

Company: Elevance Health, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 7
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 indenture does not restrict our ability or the ability of our subsidiaries to incur other indebtedness. 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 and approximately $0.4 billion was secured debt.                                                              |

| Sinking Fund | None. |

| Form and Denomination of Notes | The notes of each series will initially be represented by one or more global notes which will be deposited with a custodian for, and registered in the name of a nominee of, The Depository Trust Company (“DTC”). Indirect holders 
 trading their beneficial interests in the global notes through DTC must trade in DTC’s same-day funds settlement system and pay in immediately available funds. The notes may only be withdrawn from DTC in                         
 the limited situations described in the accompanying prospectus under the caption “Description of the Debt Securities—Global Notes, Delivery and Form.” The notes of each series will be issued in minimum denominations of         
 $1,000 or an integral multiple thereof.                                                                                                                                                                                             |

| Use of Proceeds | We estimate that the net proceeds of this offering, after deducting the underwriting discount and estimated offering expenses payable by us, will be                                                                
 approximately $  . We intend to use the net proceeds of this offering to repay or redeem all of the $400 million aggregate principal amount of our 5.350% senior notes due 2025 (the “2025 Notes”) and to redeem or 
 otherwise repurchase all of the $500 million                                                                                                                                                                        |

S-4

| aggregate principal amount of our 4.900% senior notes due 2026 (the “2026 Notes”), in each case at or prior to their respective maturities. We intend to use the remainder of the net                                                                    
 proceeds from this offering for working capital and for general corporate purposes, including, but not limited to, the funding of acquisitions, repayment of other short-term and long-term debt, and the repurchase of our common stock pursuant to our 
 share repurchase program. See “Use of Proceeds.”                                                                                                                                                                                                         |

| Conflicts of Interest | Certain of the underwriters and/or their respective affiliates and associated persons may own a portion of the 2025 Notes and/or the 2026 Notes. If any of the underwriters, together with their respective affiliates and associated persons, 
 receive at least 5% of the net proceeds from this offering,