Core Viewpoint - INNOVATE Corp. is initiating a series of refinancing transactions aimed at extending the maturities of its debt obligations, which includes exchanges of convertible and senior secured notes, as well as amendments to existing credit agreements [1][2][3]. Debt Refinancing Transactions - The company plans to exchange approximately $48.7 million of its existing 7.5% Convertible Senior Notes due 2026 for about $51.1 million of newly issued 9.5% Convertible Senior Notes due 2027 [2]. - An exchange offer has been launched for $330 million of 8.5% Senior Secured Notes due 2026, offering new 10.5% Senior Secured Notes due 2027 [3][4]. - The refinancing transactions are contingent upon the participation of at least 98% of the outstanding principal amount of the Existing Senior Secured Notes [7]. Agreements in Principle - The company has reached agreements in principle to extend the maturity of its 2020 Revolving Credit Agreement to September 15, 2026 [13]. - An agreement has been made to extend the maturity of the CGIC note to April 2027, with an interest rate of 16% [14]. - The maturity of Spectrum Notes is set to be extended to September 30, 2026, contingent on meeting certain strategic milestones [15]. - The maturity of R2 Technologies' note is proposed to be extended to August 1, 2026, with an interest rate of 12% [16]. Participation and Deadlines - The early participation deadline for the exchange offer is set for July 30, 2025, with the final settlement expected on August 15, 2025 [8]. - Supporting Noteholders, representing approximately 75.3% of the Existing Senior Secured Notes, have agreed to participate in the exchange offer [6].