INNOVATE Announces Early Results of Exchange Offer of Senior Secured Notes and Solicitation of Consents and Extends Availability of Total Early Exchange Consideration
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 31 2025
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Source: Newsfilter
Exchange Offer Announcement: INNOVATE Corp. has reported early participation results for its exchange offer, allowing holders of its 8.5% Senior Secured Notes due 2026 to exchange them for newly issued 10.5% Senior Secured Notes due 2027, with a significant participation rate of 99.41%.
Settlement and Terms: The early settlement is expected on August 4, 2025, with the total early exchange consideration being $1,072.50 in principal amount of New Senior Secured Notes per $1,000 of Existing Senior Secured Notes accepted for exchange, while the expiration deadline for the offer is set for August 13, 2025.
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About VATE
Innovate Corp. is a diversified holding company. The Company has a portfolio of subsidiaries in a variety of operating segments. Its segments include Infrastructure (DBMG), Life Sciences (Pansend), and Spectrum. The DBMG segment consists of DBM Global Inc., which is a fully integrated construction company offering both construction and professional services primarily through its core subsidiaries. It provides services, including design-assist, modularization, fabrication and erection of structural steel, heavy steel plate, trusses and girders, heavy equipment installation, as well as facility services for maintenance and shutdowns. Life Sciences segment consists of Pansend Life Sciences, LLC, which is focused on supporting healthcare and biotechnology product development. Spectrum segment consists of HC2 Broadcasting Holdings Inc. and its subsidiaries. It owns and operates broadcast television stations throughout the United States.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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