Beachbody amends credit facility; raises liquidity floor to $19M then $24M; consents to FMG sale

Beachbody Company, Inc.

Consented to sale of all investments in Feed Media Group (FMG) for cash consideration not exceeding $1M.
Minimum liquidity covenant amended: $19M from Jan 9, 2024 through Mar 31, 2024; $24M thereafter.
Borrower made $1M principal prepayment on term loans plus $30K prepayment premium and accrued interest.
Outstanding principal after prepayment is approximately $34.1M.
Amendment effective upon execution, delivery, and certification of no default.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

Beachbody Company, Inc. amended Consent No. 1 and Amendment No. 3 to Financing Agreement with Blue Torch Finance, LLC (effective 2024-01-09).

Action: amendment
Agreement: credit facility
Counterparty: Blue Torch Finance, LLC
Effective: 2024-01-09

Exact text from the filing

On January 9, 2024 (the "Closing Date"), Beachbody, LLC (the "Borrower"), a subsidiary of The Beachbody Company, Inc. (the "Company"), the lenders party thereto and Blue Torch Finance, LLC ("Blue Torch"), as collateral agent and as administrative agent, entered into that certain Consent No. 1 and Amendment No. 3 to Financing Agreement (the "Consent and Amendment"), which amended the Company's existing Financing Agreement, dated as of August 8, 2022 (as previously amended, the "Financing Agreement"), by and among the Company, the Borrower, the lenders party thereto from time to time and Blue Torch, as collateral agent and as administrative agent, which provided for a senior secured term loan facility in an original aggregate principal amount of $50.0 million (the "Credit Facility").

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Source: SEC EDGAR

accession 0000950170-24-004246

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