INNOVATE closes $360M 10.5% notes and $54M 9.5% convertible debt refinancing

INNOVATE Corp.

Issued $360.3M New Senior Secured Notes (10.5%, due Feb 2027); exchanged $328.1M of existing 8.5% 2026 notes; $1.9M old notes remain.
Issued $53.5M New Convertible Notes (9.5%, due Mar 2027) exchanging $48.7M of existing convertible notes; conversion price ~$42.31/share.
Extended revolving credit facility to Sep 2026; CGIC note amended to $43M at 16% PIK interest, secured, due Apr 2027 (includes preferred stock exchange).
Extended Spectrum Notes ($69.7M) to Sep 2026; must pursue strategic alternatives for Broadcasting segment if not repaid by Nov 2025.
Covenants require asset sales generating ≥$150M net proceeds with milestones through Feb 2026; failure triggers sale process for DBM Global.

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