---
schema_version: "secwatch.filing_event.v1"
accession: "0001006837-25-000097"
form_type: "8-K"
ticker: "VATE"
cik: "0001006837"
company_name: "INNOVATE Corp."
filed_at: "2025-08-05T23:59:59+00:00"
generated_at: "2026-05-17T20:20:56.380724+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001006837-25-000097
- form_type: 8-K
- ticker: VATE
- cik: 0001006837
- company_name: INNOVATE Corp.
- filed_at: 2025-08-05T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/0001006837-25-000097-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/hchc-20250731.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001006837-25-000097
- JSON: https://secwatch.observer/filing/0001006837-25-000097.json
- Plain text: https://secwatch.observer/filing/0001006837-25-000097.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.