Porch Group privately repurchases $200 million convertibles due 2026

Chicago, April 17 – Porch Group Inc. privately negotiated the repurchase of $200 million principal amount of its 0.75% convertible senior notes due 2026, according to a press release.

The 0.75% convertibles were sold in September 2021, according to the Prospect News archive. The company sold a total of $425 million, including the greenshoe exercise.

At the same time, the company has privately placed $333 million of new 6.75% senior secured convertible notes due 2028.

Both the new notes offering and the repurchase are expected to close on April 20.

There will be $225 million of the notes due 2026 remaining outstanding after the notes are repurchased.

Porch Group is a Seattle-based software company serving home services professionals.

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