INNOVATE Corp. announced that DBM Global (“DBMG”), entered into an amended and restated credit agreement that provides for an $85 million term loan and a $135 million revolving credit facility, which will be used to fully repay DBMG’s existing debt obligations and provide additional working capital capacity.

The Credit Facility from a syndicate led by UMB Bank provides for senior secured debt in the total amount of $220 million and is set to mature on May 20, 2030. The facility also contains an accordion feature to increase the allowable size of the credit facility by an additional $50 million.

“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,” said 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.”