Innovate’s DBM Global lifts revolving commitment to $135 million

By Marisa Wong

Los Angeles, Aug. 3 – DBM Global Inc., a subsidiary of Innovate Corp., and some other borrowers entered into an amendment on Aug. 2 to their credit agreement dated May 27, 2021 with UMB Bank, NA as administrative agent to increase the revolving commitment by $25 million, to an aggregate amount of $135 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also 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.

Formerly HC2 Holdings, Inc., Innovate is a financial services company based in New York that invests in infrastructure, life sciences and broadcasting. DBM is a steel fabrication and erection company based in Phoenix.

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