SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item 1.01. Entry into a Material Definitive Agreement.
On August 2, 2022, DBM Global Inc. (“DBM”), a subsidiary of INNOVATE Corp. (the “Company”), and certain other borrowers entered into an amendment (the “Amendment”) to the Credit Agreement, dated as of May 27, 2021, by and among DBM, the other borrowers party thereto, the lenders party thereto and UMB Bank, N.A., as Administrative Agent (the “Credit Agreement”). The Amendment, among other things, increases the revolving commitment under the Credit Agreement by $25.0 million, to an aggregate amount of $135.0 million, and revises the requirement to maintain a Fixed Charge Coverage Ratio to 1.30 to 1.00 from 1.20 to 1.00 as of the last day of any fiscal quarter after June 30, 2022.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The disclosure set forth under Item 1.01 of this current report on Form 8-K is incorporated by reference herein.
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: August 3, 2022
|INNOVATE Corp. (Registrant)|
|By:||/s/ Michael J. Sena|
|Name: Michael J. Sena|
|Title: Chief Financial Officer|