# INNOVATE Corp. (VATE) — capital_raise/private_placement [announced]
Source: SEC API (secapi.ai) · situation sit_6dc05be0f2bf9017bb1d · retrieved 2026-08-11T15:50:48.581Z

## Overview
INNOVATE Corp. (formerly HC2 Holdings, Inc.) is a Delaware corporation engaged in fabricated structural metal products manufacturing.

On July 31, 2026, INNOVATE Corp. entered into two supplemental indentures with U.S. Bank Trust Company, National Association, amending the terms of its 10.500% Senior Secured Notes due 2027 and 9.5% Convertible Senior Secured Notes due 2027. The amendments permit consenting noteholders to receive interest for the period from February 1, 2026 through July 31, 2026 paid in kind (PIK) by increasing principal or issuing additional notes, plus a 1.5% consent fee paid in additional notes. As a result, the 10.500% Senior Secured Notes principal increased to $400.9 million with cash interest of $3.1 million due on August 1, 2026 (versus $19.9 million otherwise due), and the Convertible Notes principal increased to $58.9 million with cash interest of $0.5 million due (versus $2.7 million otherwise due). Non-consenting holders remain subject to existing cash interest payment requirements.

## Terms
- Counterparty: U.S. Bank Trust Company, National Association · Consideration: mixed

## Key dates
- Announced 2026-08-03

## Timeline
- 2026-08-03 · 8-K (0001006837-26-000053): 8-K - INNOVATE Corp. — *INNOVATE Corp. (formerly HC2 Holdings, Inc.) is a Delaware corporation engaged in fabricated structural metal products manufacturing.* On July 31, 2026, INNOVATE Corp. entered into two supplemental indentures with U.S. Bank Trust Company, National Association, amending the terms of its 10.500% Senior Secured Notes due 2027 and 9.5% Convertible Senior Secured Notes due 2027. The amendments permit consenting noteholders to receive interest for the period from February 1, 2026 through July 31, 2026 paid in kind (PIK) by increasing principal or issuing additional notes, plus a 1.5% consent fee paid in additional notes. As a result, the 10.500% Senior Secured Notes principal increased to $400.9 million with cash interest of $3.1 million due on August 1, 2026 (versus $19.9 million otherwise due), and the Convertible Notes principal increased to $58.9 million with cash interest of $0.5 million due (versus $2.7 million otherwise due). Non-consenting holders remain subject to existing cash interest payment requirements.
  https://www.sec.gov/Archives/edgar/data/1006837/0001006837-26-000053.txt

## Citations
- 0001006837-26-000053 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000100683726000053