The investment-grade notes are due 2029, 2034 and 2054

Davis Polk advised the representatives of the several underwriters on an SEC-registered offering by Elevance Health, Inc. (f/k/a Anthem, Inc.) of $2.6 billion in aggregate principal amount of unsecured and unsubordinated notes, consisting of an SEC-registered offering of $600 million in aggregate principal amount of unsecured and unsubordinated 5.150% notes due 2029, $1 billion in aggregate principal amount of unsecured and unsubordinated 5.375% notes due 2034 and $1 billion in aggregate principal amount of unsecured and unsubordinated 5.650% notes due 2054.

Elevance Health is one of the largest health benefits companies in the United States. Elevance Health is an independent licensee of the Blue Cross and Blue Shield Association, an association of independent health benefit plans.

The Davis Polk corporate team included partners Joseph A. Hall and Pedro J. Bermeo and associates Dennis Chu and Vivian Liu. Partner Mario J. Verdolini and associate Constance Zhang provided tax advice. All members of the Davis Polk team are based in the New York office.

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