Core Viewpoint - INNOVATE Corp. has announced early participation results for its exchange offer of 8.5% Senior Secured Notes due 2026, allowing eligible holders to exchange for newly issued 10.5% Senior Secured Notes due 2027, with a significant participation rate of 99.41% [1][3]. Group 1: Exchange Offer Details - The exchange offer allows holders of the existing 8.5% Senior Secured Notes to exchange them for new 10.5% Senior Secured Notes, with the early participation deadline set for July 30, 2025 [1]. - A total of US$328,067,000 of the existing notes were tendered, representing 99.41% of the outstanding amount, meeting the minimum exchange condition of 98% [2][3]. - The early settlement of the exchange offer is expected to occur on August 4, 2025, pending satisfaction of all conditions [5]. Group 2: Terms of New Senior Secured Notes - The new notes will have a maturity date of February 1, 2027, and an interest rate of 10.5%, with the first payment delivered as additional exchange consideration [6]. - Holders of the existing notes will receive a total of US$1,072.50 in principal amount of new notes per US$1,000 of existing notes accepted for exchange, which includes an early exchange premium [9][10]. Group 3: Proposed Amendments and Conditions - Holders of the existing notes that participated in the exchange consented to amendments that eliminate most restrictive covenants and subordinate liens on collateral [7]. - The consummation of the exchange offer is conditioned on several concurrent transactions, which may be waived by the company with certain noteholder consent [11]. Group 4: Important Dates - The expiration deadline for the exchange offer is set for midnight on August 13, 2025, with final settlement expected on August 15, 2025 [8].

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].