Innovate Corp. has entered into a Supplemental Indenture to amend its existing debt agreement governing the 9.500% Convertible Senior Secured Notes due 2027. The agreement was executed on October 9, 2026, and involves the Company, certain subsidiary guarantors, and U.S. Bank Trust Company, National Association, acting as trustee and collateral trustee.
The amendment modifies the terms of the Indenture, dated August 4, 2025, to establish a specific redemption schedule for the Convertible Notes. The Company is required to redeem all outstanding notes on the 15th business day following the termination of a lock-up period. This lock-up period is tied to the stock consideration received from the previously announced sale of DBMG Global Inc.
The lock-up period is set to expire upon the earlier of December 4, 2026, or the date a registration statement becomes effective. The redemption will occur for a cash purchase price equal to 100% of the principal amount of the notes, plus any accrued and unpaid interest up to, but excluding, the redemption date. Correspondingly, the amendment confirms that no offer to repurchase the notes is required to be made.
