Porch Group, Inc. (PRCH): debt financing — 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.

item 1.01 item 2.03 item 3.02 item 7.01 item 8.01 item 9.01 item 4.1

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Porch Group, Inc. incurred senior notes of $134.0 million with certain institutional investors and holders at 9.00% per annum maturing May 15, 2030.

Instrument: senior notes
Principal: $134.0 million
Counterparty: certain institutional investors and holders
Rate: 9.00% per annum
Maturity: May 15, 2030
Event: incurrence

Exact text from the filing

On May 27, 2025, the Company issued $134.0 million in aggregate principal amount of 2030 Notes to certain Investors in the Refinancing Transactions pursuant to the terms of the Exchange Agreements, the Indenture and the Global Note.

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Porch Group, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-25-129050

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