Porch Group, Inc. announced on May 19, 2025, a delevering transaction to retire the majority of its 0.75% Convertible Senior Notes due 2026. The company privately repurchased $144.3 million aggregate principal amount of these 2026 Notes.
Concurrently, Porch priced a private offering of $134.0 million aggregate principal amount of newly issued 9.00% Convertible Senior Unsecured Notes due 2030. These refinancing transactions are expected to close on May 27, 2025.
This move reduces Porch Group’s 2026 debt maturity from $174 million to $29 million, securing a path toward leverage targets while minimizing anticipated dilution to shareholders. The 2030 Notes feature an initial conversion price representing an approximately 60% premium to the volume weighted average price of Porch’s common stock.
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