Porch Group Announces Pricing of Upsized $385 Million Convertible Senior Notes Offering

About this update from Porch Group, Inc.

[{"type":"text","content":"SEATTLE, Sept. 13, 2021 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch” or “the Company”) (NASDAQ: PRCH) today announced the upsizing and pricing of an offering of $385 million aggregate principal amount of its 0.75% Convertible Senior Notes due 2026 (the “notes”) through a private offering to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The size of the notes offering has been upsized from $350 million to $385 million. Porch has also granted the initial purchasers an option to purchase, exercisable within the 30-day period immediately following the pricing date of the offering, up to an additional $40 million aggregate principal amount of notes. The offering is expected to close on September 16, 2021, subject to customary closing conditions. The notes will be senior unsecured obligations of Porch, and interest will be payable semiannually in arrears on March 15 and September 15 of each year, beginning on March 15, 2022. The notes will mature on September 15, 2026, unless earlier repurchased, redeemed or converted. Porch may not redeem the notes prior to September 20, 2024. Porch may redeem for cash all or any portion of the notes, at Porch’s option, on or after September 20, 2024 if the last reported price of Porch’s common stock (“common stock”) has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Porch provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The notes will be convertible into cash, shares of common stock or a combination of cash and shares of common stock at Porch’s election at an initial conversion rate of 39.9956 shares of common stock per $1,000 principal amount of the notes, which is equivalent to an initial conversion price of approximately $25.00 per share. The initial conversion price of the notes represents a premium of approximately 32.50% to the $18.87 per share last reported sale price of the common stock on The Nasdaq Capital Market on September 13, 2...

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