INNOVATE Corp. announced the early participation results for its exchange offer and consent solicitation concerning its 8.5% Senior Secured Notes due 2026. As of the early participation deadline on July 30, 2025, an aggregate principal amount representing 99.41% of all outstanding Existing Senior Secured Notes were validly tendered and not withdrawn.
This participation rate significantly exceeds the minimum exchange condition of 98% of outstanding principal amount, indicating strong bondholder support for the refinancing initiative. The company has also extended eligibility to receive the Total Early Exchange Consideration through the expiration deadline of August 13, 2025, with early settlement expected on August 4, 2025.
The New Senior Secured Notes will carry a 10.5% interest rate and mature on February 1, 2027, with updated covenants. Holders accepting the offer will receive $1,072.50 principal amount of New Senior Secured Notes for every $1,000 principal amount of Existing Senior Secured Notes. The requisite consents for proposed amendments to the Existing Senior Secured Notes have been received, which will eliminate substantially all restrictive covenants and subordinate liens for any remaining outstanding notes.
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