Porch Group Inc., a homeowners insurance company, has announced a deleveraging transaction involving the repurchase of $144.3 million of its 0.75% Convertible Senior Notes due 2026. This move reduces the company's 2026 debt maturity to $29 million. Concurrently, Porch Group has priced a private offering of $134.0 million in 9.00% Convertible Senior Unsecured Notes due 2030, expected to close by May 27, 2025. The transaction aims to strengthen the balance sheet and align with leverage targets, minimizing shareholder dilution. The 2030 Notes will be issued privately and are not registered under the Securities Act. Goldman Sachs acted as the exclusive placement agent for the offering.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.