Porch Group Announces Closing of Transaction Retiring Majority of 2026 Unsecured Notes and Plans to Retire Additional Debt With Limited Anticipated Dilution to Stockholders
Well positioned to address remaining $29 million of the 2026 notes with balance sheet cash and proceeds from the transaction
Porch Group, Inc. ("Porch Group," "Porch" or "the Company") (NASDAQ:PRCH), a new kind of homeowners insurance company, today announced the completion of its previously announced refinancing transactions (the "Refinancing Transactions"), retiring all but approximately $29 million of the Company's outstanding 0.75% Convertible Senior Unsecured Notes due 2026 (the "2026 Notes"). In addition, the Company announced that the board of directors has authorized management to repurchase up to the remaining $29 million of 2026 Notes in cash from time to time in the open market
