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Vacasa (VCSA) just unveiled an announcement.
Vacasa, Inc. struck a deal to issue $75 million in senior secured convertible notes due in 2029, with an initial offering of $30 million and options for up to $45 million more. These notes, backed by a lien on nearly all company assets, carry an 11.25% interest rate, payable in kind or cash, and are convertible into Class A Common Stock under certain conditions. The agreement includes negative covenants and events of default that could accelerate repayment. Vacasa also amended existing agreements to grant registration rights to the note holders, ensuring their ability to resell shares. The company’s board expanded to accommodate two new directors from the note purchaser, reflecting the significant influence of the key investor.
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