Porch Group closes $134M convertible note refinancing; retires $144.3M of 2026 notes

Porch Group, Inc.

Repurchased $144.3M of 0.75% convertible notes due 2026; issued $134.0M of new 9.00% convertible notes due 2030.
New notes convertible at ~$15.72/share (60% premium to VWAP); up to ~8.5M shares if converted.
Board authorized repurchase of remaining $29.4M of 2026 notes using balance sheet cash and ~$4M proceeds.
$333.3M of 6.75% convertible notes due 2028 remain; CFO aims for 2-3x leverage and limited dilution.
Company may redeem new notes on/after Nov 20, 2026 if stock price >120% of conversion price for 20 of 30 days.

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