secwatch.observer — SEC 8-K summary
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Issuer:     Vacasa, Inc. (—)
CIK:        0001874944
Form:       8-K
Filed at:   2024-08-08T23:59:59+00:00
Accession:  0001140361-24-036403
Event type: debt
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.02, 2.03, 3.02, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Vacasa secures $30M convertible notes from Davidson Kempner; Q2 gross bookings down 19% YoY to $505M
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- Entered $75M note purchase agreement; initial $30M notes at 11.25% PIK (3 yrs) then 9.75% cash, convertible at $4.16/share, due 2029.
- Q2 gross booking value $505M (-19% YoY); nights sold -17%; home count ~40,000 (down from ~44,000).
- Appointed Luis Sosa and Alan Liu to board as Davidson Kempner designees; board expanded to 11.
- Issued 174,825 fee shares to DK; voting agreement with Silver Lake, Riverwood, Level Equity to support conversion share issuance.
- Notes secured by first lien on substantially all assets; liquidity covenant minimum $15M from Q3 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1874944/000114036124036403/0001140361-24-036403-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1874944/000114036124036403/ef20033733_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-036403

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