Sidley represented Porch Group, Inc. in connection with 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.
The Sidley team was led by Josh DuClos (M&A and Private Equity) 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).