Latham Represents Oscar Health, Inc. in Upsized US$355 Million Convertible Senior Subordinated Notes Offering

Oscar Health, Inc. (NYSE: OSCR) has announced the pricing of its offering of US$355 million aggregate principal amount of 2.25% convertible senior subordinated notes due 2030 in a private offering to qualified investors. The offering size was increased from the previously announced offering size of US$350 million aggregate principal amount of notes. The issuance and sale of the notes are scheduled to settle on September 18, 2025, subject to customary closing conditions. Oscar also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional US$55 million aggregate principal amount of notes. Oscar estimates that the net proceeds to Oscar from the Offering will be approximately US$342.5 million (or approximately US$395.8 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and certain other estimated offering expenses.

Latham & Watkins LLP represents Oscar Health in the offering with a corporate team led by partners Keith Halverstam and Brittany Ruiz, with assistance from Samuel Vallejo. Advice on convertible debt matters was provided by partners Greg Rodgers and Andrew Blumenthal; on derivatives matters by partner Reza Mojtabaee-Zamani; on tax matters by partner Aaron Bernstein; and on finance matters by partner Scott Ollivierre.