Supplemental indentures allow part of interest to be paid in kind
Innovate entered supplemental indentures to allow February 1–July 31, 2026 interest on consenting Notes to be paid in kind.
August 1, 2026 interest: 10.500% Senior Secured Notes due 2027 principal rises to $400.9 million; cash interest drops to $3.1 million from $19.9 million.
August 1, 2026 interest: 9.5% Convertible Senior Secured Notes due 2027 principal rises to $58.9 million; cash interest falls to $0.5 million from $2.7 million.
Consenting holders receive a 1.5% consent fee, paid in additional Notes; non-consenting holders continue to receive cash interest.
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