INNOVATE Corp. successfully exchanges 99.4% of 8.5% senior secured notes for 10.5% notes due 2027

INNOVATE Corp.

US$328.1M of US$330M outstanding (99.41%) tendered for exchange; early settlement expected Aug 4, 2025.
New notes bear 10.5% interest, mature Feb 1, 2027; holders receive $1,072.50 principal per $1,000 exchanged.
Consents adopted to eliminate substantially all restrictive covenants and subordinate remaining existing notes.
Exchange offer conditioned on concurrent transactions including convertible note exchanges and credit extension amendments.
Early exchange premium extended to all valid tenders through expiration on Aug 13, 2025.

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