Porch Group’s US$425 Million Convertible Notes Financing

Sidley Austin advised Porch Group on the deal.

Porch Group, Inc. announced a US$425 million convertible financing and related capped call transaction. The notes offering was upsized from an initial US$350 million to US$385 million and included the full exercise of the option to purchase US$40 million of additional notes granted by Porch to the initial purchasers. The offering closed on September 17, 2021, and the net proceeds will help the company pay off legacy debt and continue to grow through potential acquisitions.

Seattle-based Porch, the vertical software platform for the home, provides software and services to more than 10,500 home services companies such as home inspectors, moving companies, real estate agencies, utility companies, and warranty companies.

The Sidley team was led by Josh DuClos (M&A and Private Equity, Picture) and Michael Heinz (Capital Markets), and included Rob Mandell, Sylvia Baraniewski, and Spencer Lee (Capital Markets-Convertible Notes), Prabhat Mehta (Capital Markets-Capped Call), Rachel Kleinberg and Jonathan Westreich (Tax), and Carla Teodoro (Investment Company Act of 1940).

Involved fees earner: Sylvia Baraniewski – Sidley Austin LLP; Joshua DuClos – Sidley Austin LLP; Michael Heinz – Sidley Austin LLP; Rachel D. Kleinberg – Sidley Austin LLP; Spencer Lee – Sidley Austin LLP; Robert Mandell – Sidley Austin LLP; Prabhat Mehta – Sidley Austin LLP; Carla Teodoro – Sidley Austin LLP; Jonathan Westreich – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: Porch Group Inc;

Author: Martina Bellini