Innovate Launches Indebtedness Refinancing Transactions

Innovate intends to enter into a series of indebtedness refinancing transactions to extend the company’s debt maturities.

• Entered into privately negotiated deal with certain holders of its 7.5% convertible senior notes due 2026 to exchange about $48.7 million of existing notes for about $51.1 million of newly issued 9.5% Convertible Senior Notes due 2027
• Launched $330 million exchange offer and consent solicitation to eligible holders of its 8.5% Senior Secured Notes due 2026 to exchange existing notes for newly issued 10.5% Senior Secured Notes due 2027
• Reached deal to extend its 2020 revolving credit deal maturity to Sept. 15, 2026 ...