Latest news with #Porch
Irish Independent
a day ago
- General
- Irish Independent
Around the Districts: Ballyhea, Boherbue, Meelin, Rockchapel and Western Duhallow
Church news Mass Times – Thursday, June 5, 10 a.m.; Friday, June 6, 10 a.m.; Saturday, June 7, 10 a.m. and 7.30 p.m.; Sunday, June 8, 8.30 a.m. and 11 a.m. Adoration and Benediction of the Blessed Sacrament will take place on Thursday after 10 a.m. Mass. Holy Communion – Only those receiving Holy Communion should approach the Altar and only on a seat-by-seat basis. Anniversary Masses – Booked Anniversary Masses are accepted on the understanding that Funeral Masses and month's mind Masses take precedence. Month of June – The month of June dedicated to the Sacred Heart of Jesus. Feastdays for the coming week – Thursday, June 5, St Boniface, bishop and martyr; Friday, June 6, St Norbert, bishop; Saturday, June 7, St Colman, bishop; Sunday, June 8, Pentecost Sunday. New Crucifix – The parish has acquired a large out-door Crucifix from the Redemptorist Monastery in Esker, Co. Galway. To defray the purchase and transport costs a subscription list is now open for anyone who would like to support this initiative. Subscriptions may be left into the sacristy at any time. Collectors for June – 8.30 a.m. Mass: Paudie Morrissey. 11 a.m. Mass: Tadgh Mortell. Readers – Saturday, June 7: Ger. O'Shea. Sunday, June 8: Audrey Morrissey. Saturday, June 14: Louisa Carroll. Sunday, June 15: Mary Byrne. Church Altar Flower Arrangers – Saturday, June 7, and Saturday, June 14: Bernie Leahy. Irish Catholic Newspaper/Sacred Heart Messenger – The Irish Catholic newspaper and the Sacred Heart Messenger are available in the Porch for purchase. Irish Catholic €3, Sacred Heart Messenger €2. Pilgrimage to Medjugorje – Leaving Cork on August 20 to September 4. Early booking offers available. Money can be paid in instalments to spread out the cost. For more information, please contact Mary Cott, Group Leader 086 1220850. Church gate collections – No church gate collection taken up at St Mary's Church, Ballyhea is endorsed by the parish. Any group or organisation intending to collect outside the church gates are asked to present copies of their permits in the sacristy, together with copies of letters of authorisation of those collecting on their behalf. This should be done before the collection commences. Parent and Toddler Group The parent and Toddler Group in Ballyhea is now meeting Friday mornings from 10 a.m. to midday in the Parish Hall. Coffee and tea is provided. €3 donation please. Ballyhea National School enrolment. Application forms (Admission notice) for September 2025 are available on the School Website ( or by calling to the office at Ballyhea NS Completed forms to be returned as soon as possible. Prospective parents may contact the school at 083 1475817 for further information or to facilitate a school visit. GAA club news Lotto – Get your tickets before 5 p.m. on Saturday from Costcutters Ballyhea, Corbett Court, The Idle Hour or from any of the ticket sellers or they can be purchased online at Thank you for your continued support. The first three numbers of the National Lottery Main Draw will be the jackpot numbers. If a number higher than 42 is drawn in the first three, the draw will continue with the next number drawn under 42. The club appreciates the support of lottery players and supporters. Groundskeeper Position – A part-time position is available as Groundskeeper for 19.5 hours per week at Ballyhea GAA Must qualify for Community Employment. Please contact Kathleen at 086 836 97 64 for further details. Club membership – Membership fees for 2025 are currently being taken. Anyone wishing to pay online can do so by going to and selecting Ballyhea Club. Memberhip can also be paid to any committee member. All players must have membership paid before the commencement of all competitions. Membership fees for 2025: Adult €75, Adult Player €100, Juvenile player/student €50, Family €150, OAP/Unwaged €30. Ballyhea in Black and White – 'Ballyhea in Black and White' is a collection of memories from local photographer Michael McGrath and photos that have been collected. It features some great GAA and camogie memories from down through the years. Books can be purchased at Costcutters shop in Ballyhea for €20. Online Shop – The club's online shop is proving to be very popular. All the latest club gear can be purchased from the O'Neill's website. Check it out at BCommunity Alert Ballyhea Community Alert has successfully set up a Text Alert Network to immediately alert our community when an incident occurs. Prompt information to and from Gardaí deters criminal activity. If you are interested in becoming a member of our Text Alert Network please phone any of the following people for information and sign up details – Phil Ryan 087 2937465, Pat Daly 086 1220114, James Horgan 087 2572271, Willie Meaney 087 1936842, Con Walsh 086 8570355. The fee for this service is €10 annually. BOHERBUE Retirement gift A committee has been formed to make arrangements to recognise the upcoming retirement of our Parish Priest Rev Fr Jim Kennelly. Details of events will be communicated over the coming weeks to allow everyone in the Parish the opportunity to wish Fr Jim the best in his deserved retirement. In addition to these events the committee has also arranged to set up an account for his retirement gift. Parishioners from both Boherbue and Kiskeam areas and groups may wish to arrange their own personal gifts or to use this account according to their own preferences. The account details are as follows. Account name: Fr Kennelly Retirement Fund. Location: Newmarket Credit Union. IBAN: IE38NEEU99224810181853 The closing date is Friday July 11th. Please feel free to share these details within any organisation or clubs you may be involved in. The Committee also intend to insure that any costs associated with any of the celebrations are kept to a minimum and all details will be shared with the community at a future date. Knock pilgrimage The annual Boherbue/Kiskeam pilgrimage to Knock will take place on Wednesday June 25th. Details from Philomena on 029 76116 or 087 7500151or Maura on 029 76217. Thank You The Boherbue Girl Guides and Araglen Desmonds Bui Ladies football Mother's and Others group wish to sincerely thank all who supported their recent football blitz in aid of the Guides upcoming International Camp at Clongowes in August. Thanks to the teams who took part, those who supported the raffle, the sponsors or those who helped in anyway to make it a success. Nevin Cup Boherbue Nevin Cup squad scored a 5-19 to 2-7 win over St. John's on Friday evening last. The game attracted a big following to the Gneeves venue where the home side were on top throughout. They opened the scoring with four points which was followed by Cathal Ducey goal in the 11th minute and from there on it was clear there was only going to be one winner. Further goals from Adrian Murphy, who also netted a penalty in the second half, and Sean Og Sheehan plus a flurry of points left the half time score at 3-11 to 1-4. From the restart the game followed along the same pattern with Boher's final goal coming from the boot of Patrick Daly. Team: Donal Murphy; Bertie Buckley, Liam Daly, Padraig Aherne; Diarmuid Murphy, Niall Murphy, Darragh Tompkins; CJ O'Sullivan, Patk Daly; Sean Og Sheehan, Adrian Murphy, Timothy Murphy; Brian Herlihy, Dan Sheehan, Cathal Ducey. Subs: Richard Moynihan, Hugh Patrick O'Connor, Paul Cremin, Tim Murphy, Mike Murphy, Dermot Hickey. Cemetery Mass The annual Mass in Boherbue Cemetery takes place on this Friday night June 6th at 7.30pm. Lotto The numbers were 19, 24, 28, 29. Lucky Dip: €50 Eileen Mc Sweeney, Islandave; €20 each Fr Jim Kennelly PP; Jamie and Finn Lismire; Ml O'Sullivan, East End. On line John Aherne. Seller Tony Ankettell. MEELIN Cliona Hagan at Quinlans Quinlans Beer Garden presents Cliona Hagan in concert on Sunday 15th June. First up will be Glen Rambler from 4pm–6pm, followed by Cliona Hagan from 6pm-8pm. Tickets €20. Tel 087 7670755. ROCKCHAPEL Rockchapel Gathering Weekend The Rockchapel Gathering Weekend will take place from June 6th to 8th, promising a packed programme of entertainment for all ages: Friday, June 6th: The weekend opens with a concert at Bruach na Carraige at 8pm, featuring acclaimed Fermanagh band Tully, with support from Rockchapel's own McAuliffe Family. Saturday, June 7th: The ever-popular Community Cuppa returns, with music from Jim Kiely and Friends, and magic for the kids. Afternoon events include a kids' music session in Murphy's Bar hosted by John McNulty and a singing session in Paddy Molly's Bar hosted by Eibhlín and Liam Broderick. The day culminates in the Three Counties Challenge Variety Show in Rockchapel Community Centre. Sunday, June 8th: Festivities begin with a traditional Trad Mass, followed by a lively Craft Fair on the Church grounds. Family fun abounds with an Animal Roadshow, face painting, art corner, kids' tractor run, and more. Food and refreshments will be available all day. The weekend will close with a free outdoor concert, starting with Up in Smoke (3.30 to 5.30pm), followed by The Rising (6pm-8pm), and DJ Donal keeping the party going into the night. Pub sessions will also take place nightly, with all musicians welcome to join. This year's Rockchapel Gathering promises to be the biggest and most entertaining yet. For updates, visit the official Rockchapel Gathering Weekend website or follow on social media. WESTERN DUHALLOW Cullen Feis On this Sunday June 8th the village of Cullen will celebrate its annual Feis Laitiarain, one of the oldest annual events anywhere in the country. Starting at 12 noon with competitions in Singing, Music including Bands, Dancing etc. The age groups are under 8, 8 to 10yrs, 10 to 12, 12 to 14 and over 14. There will also be the annual sports which too attract a lot of competitors, novelty events and many extra items that create a Carnival atmosphere. Tea, coffee etc will also be available. The award winning local Pipe Band too will give a recital. Further details from 086 2173796 or 087 2316298. Cemetery Masses Knocknagree: Friday, June 6th 8pm. Boherbue: Friday, June 6th 7.30pm. Kiskeam: Monday, June 9th 7.30pm. Gneeveguilla: Monday, June 9th 8pm. St Mary's, Millstreet: Monday, June 9th 7.30pm. Drishane: Tueday, June 10th 7.30pm. Nohoval: Wednesday, June 11th 8pm. Ballydesmond: Sunday, June 29th. Cullen: Thursday, July 3rd 7.30pm. Cullen: Old Cemetery Thursday, 24th 7.30pm. Invitation On Sunday June 22nd the 11am Mass in the Church of the Sacred Heart will be the Retirement Mass from the Kiskeam side of the Parish for Fr Jim Kennelly PP. Everyone welcome. Kiskeam Lotto The numbers were 7, 18, 20, 25. Lucky Dip €50 Vincent Guiney, Knocknanough. €20 each Francis O'Keeffe, Knockeenadillane; Jerome Casey, Drominargle, Boherbue; Regina Sheehan, online Seller Christy O'Keeffe.
Business Wire
2 days ago
- Business
- Business Wire
Porch Group Announces New Insurance Agency Partnerships
SEATTLE--(BUSINESS WIRE)--Porch Group, Inc. ('Porch' or 'the Company') (NASDAQ: PRCH), a new kind of homeowners insurance company, today announced significant continued expansion with its insurance agency distribution channel, including new partnerships with Roamly Insurance Group ('Roamly'), Evertree Insurance Services, LLC ('Evertree') and MassDrive Insurance Group, LLC ('MassDrive'). One of Porch's strategic priorities is to scale insurance premiums, having restarted this growth engine at the end of 2024. To further distribution, Porch is expanding the Porch Reciprocal Exchange's ('the Reciprocal') relationships with third party insurance agencies. The Reciprocal looks to differentiate itself to insurance agencies by providing the best products for homebuyers, the best pricing and value proposition for lower-risk homes, by providing homebuyer leads to insurance agencies, and its long-standing commitment to providing great customer service and claims experience for policyholders. 'We are rapidly growing the number of agencies appointed at the Reciprocal, and we are thrilled to announce these exciting new partnerships,' said Eric Lemieur, Head of Insurance Sales and Distribution at Porch Group. 'Their modern approach to insurance and broad customer reach aligns well with our mission to simplify the homeownership journey. We seek to be a key partner for the largest insurance agencies in the country and are excited to share more updates and large incremental partnerships as we go forward.' Our New Partners Roamly is a global leader in digital insurance technology and solutions who recently started providing homeowners insurance to its growing customer base. The Reciprocal is proud to be one of the first homeowners carriers selected to join Roamly's carrier panel. This appointment is live, and Roamly is officially appointed in 19 states, marking a significant milestone in expanding both companies' footprints. 'We are excited to partner with Porch Group to offer homeowners insurance through our AI enabled digital insurance platform,' said Brad Simmons, General Manager. 'Just as Roamly's technology and expertise has simplified coverage for protecting the things that people love, Porch's mission to simplify the homeownership journey resonates with our customer base.' Evertree is a rapidly growing, tech-enabled, insurance brokerage offering customized solutions to customers in the personal and commercial lines space. The appointment is live and officially appointed in 15 states. 'At Evertree, we hold our carrier partnerships to the highest standard, and HOA continues to exceed expectations. We're proud to work alongside them as we grow together,' said Drew Monroe, CEO, Evertree Insurance. MassDrive is a nationally-licensed independent digital insurance agency owned by Bindable, a provider of Insurance-as-a-Service technology and tools to power P&C distribution at scale. With a strong focus on technology and customer accessibility, MassDrive's mission is to enhance how consumers discover, compare, and purchase insurance products across digital and traditional channels. Porch and MassDrive have partnered to offer home insurance products, making Porch's coverage available across their robust distribution network. "We look for every opportunity to better serve today's insurance consumers by offering access to top-tier products through both our own agency and our partner channels," said Jean-Marie Lovett, president of Bindable and MassDrive Insurance Group. "The addition of Porch's home insurance product to our Insurance-as-a-Service platform not only strengthens the options available to end consumers, but also provides Porch with a fast, effective path to expand distribution and reach new customers through our far-reaching digital insurance ecosystem." About Porch Group Porch Group, Inc. ('Porch') is a new kind of homeowners insurance company. Porch's strategy to win in homeowners insurance is to deploy leading vertical software solutions in select home-related industries, provide the best services for homebuyers including important moving services, leverage unique data for advantaged underwriting, and provide more protection for policyholders. To learn more about Porch, visit About Roamly Roamly is a global leader in digital insurance technology and solutions, redefining how consumers and businesses protect what matters most. Roamly Enterprise offers a technologically advanced platform that provides insurance companies with AI-enabled software modules to develop insurance products, increase speed to market, and mitigate risk. From pricing and underwriting to policy and claims management the product agnostic platform also provides consumers with a digital-first quote to bind experience. Operating in the U.S., Canada, and Europe with global insurance partners, Roamly is where the insurance industry and technology intersect to enhance the consumer experience. Learn more at About Evertree Evertree Insurance is a modern, independent insurance brokerage committed to making coverage simple, accessible, and personal. With access to over 65 top-rated carriers, Evertree puts customer service first by offering an easy, streamlined client experience - with knowledgeable agents nearby and national support through a broad carrier network. About MassDrive Headquartered in Boston, MA, MassDrive Insurance Group, LLC, is an independent digital insurance agency serving all 50 US states and DCs through a wide range of personal insurance products, including car, home, condo, renters, pet, travel, motorcycle, and more. MassDrive is owned by Bindable, an Insurance-as-a-Service platform powered by its own suite of proprietary technology and services including modern API-powered quoting, branded marketplace templates, and access to Policy Crusher®, a licensable CRM, comparative rater, and cross-sell engine. MassDrive is the licensed entity that powers white-label digital agencies for carriers, brokers, and brands participating in Bindable's robust partner ecosystem.
Yahoo
2 days ago
- Business
- Yahoo
Porch Group Announces New Insurance Agency Partnerships
SEATTLE, June 04, 2025--(BUSINESS WIRE)--Porch Group, Inc. ("Porch" or "the Company") (NASDAQ: PRCH), a new kind of homeowners insurance company, today announced significant continued expansion with its insurance agency distribution channel, including new partnerships with Roamly Insurance Group ("Roamly"), Evertree Insurance Services, LLC ("Evertree") and MassDrive Insurance Group, LLC ("MassDrive"). One of Porch's strategic priorities is to scale insurance premiums, having restarted this growth engine at the end of 2024. To further distribution, Porch is expanding the Porch Reciprocal Exchange's ("the Reciprocal") relationships with third party insurance agencies. The Reciprocal looks to differentiate itself to insurance agencies by providing the best products for homebuyers, the best pricing and value proposition for lower-risk homes, by providing homebuyer leads to insurance agencies, and its long-standing commitment to providing great customer service and claims experience for policyholders. "We are rapidly growing the number of agencies appointed at the Reciprocal, and we are thrilled to announce these exciting new partnerships," said Eric Lemieur, Head of Insurance Sales and Distribution at Porch Group. "Their modern approach to insurance and broad customer reach aligns well with our mission to simplify the homeownership journey. We seek to be a key partner for the largest insurance agencies in the country and are excited to share more updates and large incremental partnerships as we go forward." Our New Partners Roamly is a global leader in digital insurance technology and solutions who recently started providing homeowners insurance to its growing customer base. The Reciprocal is proud to be one of the first homeowners carriers selected to join Roamly's carrier panel. This appointment is live, and Roamly is officially appointed in 19 states, marking a significant milestone in expanding both companies' footprints. "We are excited to partner with Porch Group to offer homeowners insurance through our AI enabled digital insurance platform," said Brad Simmons, General Manager. "Just as Roamly's technology and expertise has simplified coverage for protecting the things that people love, Porch's mission to simplify the homeownership journey resonates with our customer base." Evertree is a rapidly growing, tech-enabled, insurance brokerage offering customized solutions to customers in the personal and commercial lines space. The appointment is live and officially appointed in 15 states. "At Evertree, we hold our carrier partnerships to the highest standard, and HOA continues to exceed expectations. We're proud to work alongside them as we grow together," said Drew Monroe, CEO, Evertree Insurance. MassDrive is a nationally-licensed independent digital insurance agency owned by Bindable, a provider of Insurance-as-a-Service technology and tools to power P&C distribution at scale. With a strong focus on technology and customer accessibility, MassDrive's mission is to enhance how consumers discover, compare, and purchase insurance products across digital and traditional channels. Porch and MassDrive have partnered to offer home insurance products, making Porch's coverage available across their robust distribution network. "We look for every opportunity to better serve today's insurance consumers by offering access to top-tier products through both our own agency and our partner channels," said Jean-Marie Lovett, president of Bindable and MassDrive Insurance Group. "The addition of Porch's home insurance product to our Insurance-as-a-Service platform not only strengthens the options available to end consumers, but also provides Porch with a fast, effective path to expand distribution and reach new customers through our far-reaching digital insurance ecosystem." About Porch Group Porch Group, Inc. ("Porch") is a new kind of homeowners insurance company. Porch's strategy to win in homeowners insurance is to deploy leading vertical software solutions in select home-related industries, provide the best services for homebuyers including important moving services, leverage unique data for advantaged underwriting, and provide more protection for policyholders. To learn more about Porch, visit About Roamly Roamly is a global leader in digital insurance technology and solutions, redefining how consumers and businesses protect what matters most. Roamly Enterprise offers a technologically advanced platform that provides insurance companies with AI-enabled software modules to develop insurance products, increase speed to market, and mitigate risk. From pricing and underwriting to policy and claims management the product agnostic platform also provides consumers with a digital-first quote to bind experience. Operating in the U.S., Canada, and Europe with global insurance partners, Roamly is where the insurance industry and technology intersect to enhance the consumer experience. Learn more at About Evertree Evertree Insurance is a modern, independent insurance brokerage committed to making coverage simple, accessible, and personal. With access to over 65 top-rated carriers, Evertree puts customer service first by offering an easy, streamlined client experience - with knowledgeable agents nearby and national support through a broad carrier network. About MassDrive Headquartered in Boston, MA, MassDrive Insurance Group, LLC, is an independent digital insurance agency serving all 50 US states and DCs through a wide range of personal insurance products, including car, home, condo, renters, pet, travel, motorcycle, and more. MassDrive is owned by Bindable, an Insurance-as-a-Service platform powered by its own suite of proprietary technology and services including modern API-powered quoting, branded marketplace templates, and access to Policy Crusher®, a licensable CRM, comparative rater, and cross-sell engine. MassDrive is the licensed entity that powers white-label digital agencies for carriers, brokers, and brands participating in Bindable's robust partner ecosystem. View source version on Contacts Investor Relations Contact: IR@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
28-05-2025
- Business
- Business Wire
Porch Group Announces Closing of Transaction Retiring Majority of 2026 Unsecured Notes and Plans to Retire Additional Debt With Limited Anticipated Dilution to Stockholders
SEATTLE--(BUSINESS WIRE)--Porch Group, Inc. ('Porch Group,' 'Porch' or 'the Company') (NASDAQ: PRCH), a new kind of homeowners insurance company, today announced the completion of its previously announced refinancing transactions (the 'Refinancing Transactions'), retiring all but approximately $29 million of the Company's outstanding 0.75% Convertible Senior Unsecured Notes due 2026 (the '2026 Notes'). In addition, the Company announced that the board of directors has authorized management to repurchase up to the remaining $29 million of 2026 Notes in cash from time to time in the open market or through privately negotiated transactions. 'We are extremely pleased with the closing of these Refinancing Transactions, working towards our goal of 2-3x leverage while limiting shareholder dilution,' said Shawn Tabak, Porch Group CFO. 'This is a significant milestone for our Company that provides a clear path to repurchasing the remaining 2026 Notes and eliminates one of the key remaining risks for our shareholders, positioning our balance sheet for the next phase of growth.' Refinancing Transactions On May 27, 2025, Porch repurchased $144.3 million aggregate principal amount of the 2026 Notes and issued $134.0 million aggregate principal amount of newly issued 9.00% Convertible Senior Unsecured Notes due 2030 ('2030 Notes') in a private placement. The Company expects to use existing cash on the balance sheet along with approximately $4 million of additional cash raised in the Refinancing Transactions to retire the outstanding 2026 Notes. The 2030 Notes are convertible into cash, shares of common stock of the Company ('common stock'), or a combination thereof, at Porch's election, at an initial conversion price of approximately $15.72 (representing an approximately 60% premium to the volume weighted average price of Porch's common stock for the three trading days immediately following May 19, 2025). The 2030 Notes are also redeemable at the option of the Company on or after November 20, 2026, if the last reported sale price of Porch's common stock has been at least 20% higher than the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period. If Porch is able to exercise this redemption option on November 20, 2026, only three full semi-annual interest payments will have been paid prior to such redemption. Following closing of the Refinancing Transactions, Porch Group's outstanding debt now consists of: $29.4 million aggregate principal amount of 0.75% Convertible Senior Unsecured Notes due 2026, which the Company expects to settle prior to maturity with cash from its balance sheet and approximately $4 million of incremental capital resulting from this transaction; $333.3 million aggregate principal amount of 6.75% Convertible Senior Secured Notes due 2028 (which have a conversion price of approximately $25.00 per share); and $134.0 million aggregate principal amount of the 9.00% Convertible Senior Unsecured Notes due 2030, with an initial conversion price equal to approximately $15.72 per share, which equates to approximately 8.5 million shares as of closing. The Company intends to redeem the 2030 Notes, assuming Porch's stock price performs over the next 18 months as management expects. Goldman Sachs & Co. LLC served as exclusive placement agent for the 2030 Notes. Sidley Austin LLP acted as legal advisor to Porch Group. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the 2030 Notes, or any other securities, and will not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. About Porch Group Porch Group, Inc. ('Porch') is a new kind of homeowners insurance company. Porch's strategy to win in homeowners insurance is to deploy leading vertical software solutions in select home-related industries, provide the best services for homebuyers including important moving services, leverage unique data for advantaged underwriting, and provide more protection for policyholders. Forward-Looking Statements Certain statements in this release may be considered 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Porch Group's future financial or operating performance. For example, statements regarding the expected repurchase of additional 2026 Notes with balance sheet cash and proceeds from Porch Group's recently completed Refinancing Transactions, the expected future redemption of the 2030 Notes (including the ability of Porch Group to exercise such redemption feature, the timing of any exercise thereof and dilutive impact to Porch Group stockholders), achievement of future leverage targets or goals, and other statements herein of management's beliefs, intentions or goals are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as 'may,' 'should,' 'expect,' 'intend,' 'will,' 'estimate,' 'anticipate,' 'believe,' 'predict,' 'potential,' 'target,' or 'continue,' or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Porch and its management at the time they are made, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: risks related to the Refinancing Transactions, including the effect of the capital markets on the Refinancing Transactions and our ability to satisfy the closing conditions to the Refinancing Transactions, and other risks and uncertainties described in the 'Risk Factors' section of Porch's most recent Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports filed with the Securities and Exchange Commission (the 'SEC'), all of which are available on the SEC's website at Nothing in this release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this release. Porch Group does not undertake any duty to update these forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may be required by law.
Yahoo
28-05-2025
- Business
- Yahoo
Porch Group Announces Closing of Transaction Retiring Majority of 2026 Unsecured Notes and Plans to Retire Additional Debt With Limited Anticipated Dilution to Stockholders
Well positioned to address remaining $29 million of the 2026 notes with balance sheet cash and proceeds from the transaction SEATTLE, May 28, 2025--(BUSINESS WIRE)--Porch Group, Inc. ("Porch Group," "Porch" or "the Company") (NASDAQ: PRCH), a new kind of homeowners insurance company, today announced the completion of its previously announced refinancing transactions (the "Refinancing Transactions"), retiring all but approximately $29 million of the Company's outstanding 0.75% Convertible Senior Unsecured Notes due 2026 (the "2026 Notes"). In addition, the Company announced that the board of directors has authorized management to repurchase up to the remaining $29 million of 2026 Notes in cash from time to time in the open market or through privately negotiated transactions. "We are extremely pleased with the closing of these Refinancing Transactions, working towards our goal of 2-3x leverage while limiting shareholder dilution," said Shawn Tabak, Porch Group CFO. "This is a significant milestone for our Company that provides a clear path to repurchasing the remaining 2026 Notes and eliminates one of the key remaining risks for our shareholders, positioning our balance sheet for the next phase of growth." Refinancing Transactions On May 27, 2025, Porch repurchased $144.3 million aggregate principal amount of the 2026 Notes and issued $134.0 million aggregate principal amount of newly issued 9.00% Convertible Senior Unsecured Notes due 2030 ("2030 Notes") in a private placement. The Company expects to use existing cash on the balance sheet along with approximately $4 million of additional cash raised in the Refinancing Transactions to retire the outstanding 2026 Notes. The 2030 Notes are convertible into cash, shares of common stock of the Company ("common stock"), or a combination thereof, at Porch's election, at an initial conversion price of approximately $15.72 (representing an approximately 60% premium to the volume weighted average price of Porch's common stock for the three trading days immediately following May 19, 2025). The 2030 Notes are also redeemable at the option of the Company on or after November 20, 2026, if the last reported sale price of Porch's common stock has been at least 20% higher than the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period. If Porch is able to exercise this redemption option on November 20, 2026, only three full semi-annual interest payments will have been paid prior to such redemption. Following closing of the Refinancing Transactions, Porch Group's outstanding debt now consists of: $29.4 million aggregate principal amount of 0.75% Convertible Senior Unsecured Notes due 2026, which the Company expects to settle prior to maturity with cash from its balance sheet and approximately $4 million of incremental capital resulting from this transaction; $333.3 million aggregate principal amount of 6.75% Convertible Senior Secured Notes due 2028 (which have a conversion price of approximately $25.00 per share); and $134.0 million aggregate principal amount of the 9.00% Convertible Senior Unsecured Notes due 2030, with an initial conversion price equal to approximately $15.72 per share, which equates to approximately 8.5 million shares as of closing. The Company intends to redeem the 2030 Notes, assuming Porch's stock price performs over the next 18 months as management expects. Goldman Sachs & Co. LLC served as exclusive placement agent for the 2030 Notes. Sidley Austin LLP acted as legal advisor to Porch Group. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the 2030 Notes, or any other securities, and will not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. About Porch Group Porch Group, Inc. ("Porch") is a new kind of homeowners insurance company. Porch's strategy to win in homeowners insurance is to deploy leading vertical software solutions in select home-related industries, provide the best services for homebuyers including important moving services, leverage unique data for advantaged underwriting, and provide more protection for policyholders. Forward-Looking Statements Certain statements in this release may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Porch Group's future financial or operating performance. For example, statements regarding the expected repurchase of additional 2026 Notes with balance sheet cash and proceeds from Porch Group's recently completed Refinancing Transactions, the expected future redemption of the 2030 Notes (including the ability of Porch Group to exercise such redemption feature, the timing of any exercise thereof and dilutive impact to Porch Group stockholders), achievement of future leverage targets or goals, and other statements herein of management's beliefs, intentions or goals are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "potential," "target," or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Porch and its management at the time they are made, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: risks related to the Refinancing Transactions, including the effect of the capital markets on the Refinancing Transactions and our ability to satisfy the closing conditions to the Refinancing Transactions, and other risks and uncertainties described in the "Risk Factors" section of Porch's most recent Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports filed with the Securities and Exchange Commission (the "SEC"), all of which are available on the SEC's website at Nothing in this release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this release. Porch Group does not undertake any duty to update these forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may be required by law. View source version on Contacts Investor Relations Contact: IR@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
