SCHEDULE: PSP Board Takes 10.5% Stake in GoHealth

Public Sector Pension Investment Board and its subsidiary acquired a 10.5% stake in GoHealth, Inc. Class A Common Stock as part of a refinancing transaction.

Summary

• Public Sector Pension Investment Board (PSP) and its wholly-owned subsidiary, PSP Investments Credit USA LLC (PSP USA), jointly filed a Schedule 13D, disclosing beneficial ownership in GoHealth, Inc.
• PSP beneficially owns 1,680,526 shares of GoHealth's Class A Common Stock, representing 10.5% of the class.
• PSP USA beneficially owns 1,680,444 shares of GoHealth's Class A Common Stock, also representing 10.5% of the class.
• The acquisition of shares occurred on August 6, 2025, in connection with GoHealth's refinancing transactions.
• GoHealth and certain subsidiaries entered into Amendment No. 14 to their Credit Agreement, originally dated September 13, 2019.
• Shares of Class A Common Stock were issued to lenders, including PSP USA, as consideration and a condition for their entry into the amendment of the Existing Credit Agreement.
• The percentage of ownership is based on 11,222,135 shares of Class A Common Stock outstanding as of August 5, 2025, plus 4,766,219 shares issued on August 6, 2025.

Sentiment

Score: 7

Explanation: The filing indicates a successful refinancing for GoHealth, which is a positive for the company's financial stability. The acquisition of a significant stake by a major institutional investor like PSP suggests a degree of confidence in GoHealth's prospects. There are no negative disclosures.

Positives

• GoHealth successfully completed refinancing transactions, indicating continued access to capital and potentially improved financial stability.
• The issuance of shares to lenders, including a major pension investment manager like PSP, suggests confidence from financial institutions in GoHealth's future.

Future Outlook

No forward-looking statements or guidance are provided in this filing, which primarily details a completed ownership change.

Industry Context

This filing reflects a significant ownership change in GoHealth, a company operating in the healthcare insurance marketplace. The transaction is tied to the company's refinancing efforts, a common activity for companies seeking to optimize their capital structure or secure liquidity in the current economic environment.

Related Party Transactions

• PSP USA, as a lender to GoHealth, received shares of Class A Common Stock as consideration for its participation in the amendment to the Credit Agreement, establishing a related party transaction between the lender and the issuer.

Stakeholder Impact

• Shareholders: The issuance of new shares results in dilution for existing shareholders but is offset by the company securing refinancing, which can improve financial stability.
• Lenders: Lenders, including PSP USA, received equity in GoHealth as part of the refinancing agreement, aligning their interests more closely with the company's performance.

Key Dates

Recommendation

The filing indicates that GoHealth has successfully completed refinancing transactions, which included issuing a significant stake to Public Sector Pension Investment Board and its subsidiary. This suggests improved financial stability and lender confidence, which is a positive signal. However, as a Schedule 13D, it does not provide detailed operational or financial performance metrics to warrant a stronger recommendation. Investors should monitor future operational reports for a comprehensive view.

Keywords

GoHealth, PSP, Public Sector Pension Investment Board, PSP Investments Credit USA, Schedule 13D, Class A Common Stock, Share Acquisition, Refinancing, Investment, Healthcare Insurance