Porch Group, Inc. announced on May 27, 2025, the completion of its previously announced refinancing transactions. This move retired all but approximately $29 million of the company’s outstanding 0.75% Convertible Senior Unsecured Notes due 2026.
The refinancing involved the repurchase of $144.3 million aggregate principal amount of the 2026 Notes and the issuance of $134.0 million aggregate principal amount of new 9.00% Convertible Senior Unsecured Notes due 2030. The company expects to use existing cash and approximately $4 million from the transaction to retire the remaining 2026 Notes.
CFO Shawn Tabak highlighted that this is a significant milestone, providing a clear path to repurchasing the remaining 2026 Notes and eliminating a key risk for shareholders. The 2030 Notes have an initial conversion price of approximately $15.72, representing a 60% premium.
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