Oscar Health falls after $355 mln convertible debt sale

** Oscar Health's OSCR.N shares down 3.8% at $18.01 before the bell as health insurer secures capital raise

** New York City-based OSCR early Tues announces pricing p rivate offering of $355 mln 2.25% 5-yr convertible bonds

** Initial conversion price set at $24.82, 32.5% above stock's last close of $18.73

** OSCR, which launched $350 mln offering late Mon, intends to use net offering proceeds for general purposes, including to support future expansion fueled by strategic initiatives focused on AI, lowering the cost of care

** Funds will also support growth opportunities, including potential extension of enhanced premium tax credits, co says

** It will use ~$29.8 mln pay cost of capped calls; the initial cap price of $37.46 is double the stock's last sale

** Through Mon, stock up ~39% YTD

** Avg rating among 10 analysts covering OSCR is "hold" and median PT is $11, per LSEG data