Porch Group slides on planned convertible debt deal

Porch

13/09/2021 15:07

** Porch Group Inc  PRCH.O  shares down 11.1% to $19.76 as
software provider to home services companies looks to raise
capital
    ** PRCH offering privately $350 mln 5-yr convertible senior
notes  urn:newsml:reuters.com:*:nGNX5wNydr
    ** Co expects to use portion of net offering proceeds to pay
cost of capped call transactions, rest to repay all outstanding
borrowings under term loan, and for potential acquisitions
    ** Co has current market cap of ~$1.9 bln, per Refinitiv
data
    ** PRCH went public in Dec after completing SPAC merger with
Proptech Acquisition Corp

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))