Porch Group replaces $144M of 2026 notes with $134M of 9% convertible notes due 2030

Porch Group, Inc.

Repurchased $144.3M of 0.75% 2026 notes; issued $134.0M of 9.00% convertible unsecured notes due 2030.
Remaining 2026 debt reduced to $29.4M; expected to be settled with balance sheet cash and $4M net proceeds.
New 2030 notes have conversion price at ~60% premium to stock VWAP; redeemable after Nov 20, 2026 if stock price >120% of conversion price.
Post-closing debt: $29.4M (2026), $333.3M (6.75% 2028 secured), $134.0M (9% 2030).
Transaction expected to close May 27, 2025; Goldman Sachs served as exclusive placement agent.

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