# Evernorth Notes Carry 8% Redemption Right After Default or Fundamental Transaction By John Kim Canonical URL: https://www.tokenpost.com/news/business/46191 Published: 2026-11-02T06:55:45.000Z Updated: 2026-11-02T06:55:45.000Z Section: Business > The $30 million notes carry 4% payment-in-kind interest and can be converted only in full starting Oct. 12, 2027, before their 2031 maturity. Evernorth's $30 million convertible notes include a separate holder redemption right after an event of default or a fundamental transaction, alongside a later conversion option. The redemption right carries an 8% annual yield. Evernorth issued the notes on Oct. 12, 2026. They bear 4% payment-in-kind interest and mature in 2031. The holder may elect to convert the notes starting Oct. 12, 2027, the one-year anniversary of their effectiveness date, and before maturity. The election must cover all the notes; the holder can choose cash, shares or a combination. The maximum aggregate cash settlement upon conversion is about $120 million. That is a potential conversion settlement, not an amount currently due. The settlement would depend in part on Evernorth's share price and the holder's choice of settlement. The redemption right is separate from the conversion option. It applies after an event of default or a fundamental transaction and carries an 8% annual yield. Evernorth may sell XRP from its treasury, subject to market conditions, for general corporate purposes or strategies it believes would benefit stockholders. The company held about 473 million XRP when its business combination closed Oct. 9, and its shares began trading on Nasdaq under XRPN on Oct. 12. [Evernorth's XRP position and purchase price]() were covered previously. The conversion window opens Oct. 12, 2027, and runs until the notes' maturity in 2031. ## Links in this article - [Evernorth's XRP position and purchase price](https://www.tokenpost.com/news/business/35769)