INNOVATE launches $48.7M convertible exchange & $330M secured note exchange to extend debt maturities

INNOVATE Corp.

Exchange of $48.7M 7.5% Convertible Notes due 2026 for $51.1M 9.5% Convertible Notes due 2027, secured by second-priority lien.
Exchange offer for $330M 8.5% Senior Secured Notes due 2026 for new 10.5% Senior Secured Notes due Feb 2027; requires $150M asset sales.
Supporting noteholders (75.3% of existing secured notes) committed to tender; exchange offer condition requires 98% participation.
Agreements in principle to extend revolver to Sep 2026, CGIC note to Apr 2027 at 16% PIK, Spectrum notes to Sep 2026, R2 note to Aug 2026.
Early participation deadline July 30, 2025; early settlement expected Aug 4, final settlement Aug 15, 2025.

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