INNOVATE pays August note interest partly in kind, cutting cash outlay to USD 3.6 million
VATE•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.
