Porch Group prices $333M 6.75% convertible notes; repurchases $200M of existing 0.75% notes

Porch Group, Inc.

Aggregate principal $333.334M of 6.75% Senior Secured Convertible Notes due 2028, issued at 95% of par.
Initial conversion price $25.00/share (39.9956 shares per $1,000 principal).
Concurrent $200M repurchase of existing 0.75% Convertible Senior Notes due 2026.
Net cash proceeds expected ~$100M after repurchases, $10M term loan repayment, and fees.
Closing expected April 20, 2023; notes mature October 1, 2028.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Porch Group, Inc. entered into Subscription Agreements with certain institutional investors valued at $333,334,000 (effective 2023-04-17).

Action: entry
Agreement: notes offering
Counterparty: certain institutional investors
Value: $333,334,000
Effective: 2023-04-17

Exact text from the filing

Porch Group, Inc. (“Porch” or the “Company”) entered into convertible note subscription agreements (the “Subscription Agreements”), each dated April 17, 2023, with certain institutional investors (the “Investors”), pursuant to which the Company agreed to issue and sell, in a private placement (the “2028 Notes Offering”) expected to close on April 20, 2023 (the “Closing Date”), $333,334,000 in aggregate principal amount of a new series of 6.75% convertible senior secured notes due 2028 (the “2028 Notes”).

View on SEC.gov

Browse all material agreements →

Porch Group, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-23-005992

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.