NEW YORK, May 20, 2025 — INNOVATE Corp. (NYSE: VATE) announced that its subsidiary DBM Global Inc. (“DBMG”) has entered into an amended and restated credit agreement totaling $220 million. The new agreement includes an $85 million term loan and a $135 million revolving credit facility.
Led by UMB Bank, N.A., the syndicate-backed facility will be used to fully repay DBMG’s existing obligations and provide additional working capital. The facility includes an accordion feature that allows expansion up to $270 million and matures on May 20, 2030.
“We are excited to continue our outstanding relationship with our banking partners at UMB and this provides us with sufficient liquidity to support the working capital requirements for our platform of companies,” said Rustin Roach, Chairman and CEO of DBMG.
“The Credit Facility will provide DBMG with long-term flexibility,” added Paul Voigt, INNOVATE’s interim CEO. “DBMG added over $500 million in new awards to their adjusted backlog last quarter. We continue to be optimistic for the remainder of the year and this Credit Facility will help support continued growth.”
