Porch Group Inc., a homeowners insurance company, has announced the completion of its refinancing transactions, significantly reducing its outstanding debt. The company has retired all but approximately $29 million of its 0.75% Convertible Senior Unsecured Notes due 2026. Porch Group plans to address this remaining debt with cash from its balance sheet and proceeds from the transaction. Additionally, the company issued $134 million in 9.00% Convertible Senior Unsecured Notes due 2030 and intends to redeem these notes, contingent on stock price performance. The refinancing effort aims to limit shareholder dilution and position the company for future growth.
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