UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item 8.01 Other Events.
On April 25, 2023, INNOVATE Corp. (NYSE: VATE), as the borrower, and INNOVATE 2 Corp. and DBM Global Intermediate Holdco Inc., subsidiaries of the issuer as guarantors, entered into a Fourth Amendment (the “Amendment”) to the issuer's Credit Agreement, dated March 13, 2020, with MSD PCOF Partners IX, LLC, as lender, which governs the Borrower’s senior secured revolving credit facility (the “Revolving Credit Facility”).
Among other things, the Amendment (i) extends the maturity date of the Revolving Credit Facility to March 16, 2025, (ii) changes the benchmark rates for interest to SOFR-based rates, and (iii) lowers the amount of net cash proceeds from certain assets sales in excess of which a prepayment is required from $50,000,000 to $10,000,000.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | ||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document). | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 25, 2023
INNOVATE Corp. (Registrant) | |||||||||||||||||
| By: | /s/ Michael J. Sena | ||||||||||||||||
| Name: Michael J. Sena | |||||||||||||||||
| Title: Chief Financial Officer | |||||||||||||||||