Porch Group, a vertical software company reinventing the insurance and home services sectors, has arranged financing for USD 333 million in convertible notes.
About 30,900 home services businesses, including home inspectors, moving companies, loan officers, title companies, real estate agencies, utility companies, and warranty providers, rely on software and services from Seattle-based Porch Group. The repurchase of Existing Notes and the offering of New Notes are anticipated to close simultaneously on April 20, 2023, barring any unforeseen closing conditions.
Porch plans to pay off a USD 10 million senior secured term loan from a Porch Group subsidiary with the net proceeds from the New Notes offering in addition to repurchasing USD 200 million of the Existing Notes.
Read More: Porch Group secures $333m convertible notes financing
