INNOVATE Corp. amends notes to allow PIK interest, reduces cash interest by $19M

INNOVATE Corp.

Supplemental indentures allow interest on 10.5% 2027 notes and 9.5% convertible notes to be paid in kind for Feb-Jul 2026 period for consenting holders.
Consenting holders receive 1.5% consent fee in additional notes; non-consenting holders get cash interest.
Total principal of 10.5% notes increases to $400.9M; cash interest paid $3.1M vs $19.9M otherwise due.
Total principal of convertible notes increases to $58.9M; cash interest paid $0.5M vs $2.7M otherwise due.
R2 Technologies extends maturity of Lancer Capital promissory note from Aug 1, 2026 to Dec 31, 2026.

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