INNOVATE Corporation Announces New Debt Refinancing Initiatives, Including Interest Payment in Kind and Conversion of Preferred Shares
INNOVATE Corp. $(VATE)$ has announced a series of indebtedness refinancing transactions aimed at extending its debt maturities. The company plans to engage in privately negotiated exchanges of convertible senior notes and a $330 million exchange offer of senior secured notes. Additionally, INNOVATE has reached agreements in principle to extend the maturity of its subordinated unsecured promissory note with CGIC to April 2027 and amend the Spectrum notes, extending their maturity to September 30, 2026. The CGIC note will have a 16% interest rate, with interest paid in PIK form until August 2026, and cash thereafter. Approximately half of the accrued value of preferred stock held by CGIC will be exchanged for third-lien notes. These strategic moves aim to enhance the company's financial flexibility.
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