Company: ELV
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-199226
Chunk: 60

Company: Elevance Health, Inc.
Filing Date: 2025-09-09
Form: 424B3
Chunk 60
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ordinated note indenture provides that if we choose to have the defeasance and discharge provision applied to the subordinated debt securities, the subordination provisions of the subordinated note indenture will become ineffective upon full defeasance of the subordinated debt securities. However, even if we make the deposit in trust and opinion delivery arrangements discussed above, a number of our obligations relating to the debt securities will remain. These include our obligations: 13

| • |     | to register the transfer and exchange of debt securities; |

| • |     | to replace mutilated, destroyed, lost or stolen debt securities; |

| • |     | to maintain paying agencies; and |

| • |     | to hold money for payment in trust. |

Covenant Defeasance. Under current U.S. federal tax law, we can make the same type of deposit described above and be released from some of the covenants in the debt securities, which we refer to as covenant defeasance. In that event, you would lose the protection of those covenants but would gain the protection of having money and securities set aside in trust to repay the debt securities. In order to achieve covenant defeasance, we must do the following:

| • |     | We must deposit in trust for your benefit and the benefit of all other direct holders of the debt securities of                                                                                                                                      
 the same series money or U.S. government or U.S. government agency notes or bonds, or a combination thereof, that will generate enough cash to make interest, principal, any premium and any other payments on the debt securities of that series on 
 their various due dates.                                                                                                                                                                                                                             |

| • |     | We must deliver to the trustee a legal opinion of our counsel confirming that under current U.S. federal income                                                                                             
 tax law we may make the above deposit without causing you to be taxed on the debt securities any differently than if we did not make the deposit and instead repaid the debt securities ourselves when due. |

If we accomplish covenant defeasance, you can still look to us for repayment of the debt securities if there were a shortfall in the trust deposit. In fact, if one of the Events of Default occurred (such as our bankruptcy) and the debt securities become immediately due and payable, there may be such a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall. Satisfaction and Discharge The indentures will cease to be of further effect and the trustee, upon our demand and