INNOVATE's HC2 Broadcasting extends $52.2M notes; NYSE compliance regained; Azteca pact terminated

INNOVATE Corp.

HC2 Broadcasting extended $52.2M of senior secured notes due Dec 30, 2022 to May 31, 2024.
Interest rate on $32.9M of notes increased from 10.50% to 11.45%; $17.5M accrued interest capitalized.
Warrants on 145,825 shares amended: exercise price reduced from ~$135 to $0.01; expiration extended to H2 2026.
Regained NYSE listing compliance as 30-day average closing price exceeded $1.00 as of Dec 30, 2022.
Mutual release and termination of program licensing agreement with Azteca International and TV Azteca.

item 1.01 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

INNOVATE Corp. entered into CGIC Letter Agreement with Continental General Insurance Company (effective 2022-12-30).

Action: entry
Counterparty: Continental General Insurance Company
Effective: 2022-12-30

Exact text from the filing

On December 30, 2022, INNOVATE Corp. (the “Company”) entered into a letter agreement (the “CGIC Letter Agreement”) with Continental General Insurance Company (“CGIC”)

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INNOVATE Corp. filing history →

Source: SEC EDGAR

accession 0001006837-23-000003

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